Marvin Bass bought a home for $180,000, putting down $50,000. The rate of interest is 14% for 25 years. Calculate the total cost of interest for Marvin Bass.

Name: Marvin Bass bought a home for $180,000, putting down $50,000. The rate of interest is 14% for 25 years. Calculate the total cost of interest for Marvin Bass.
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Question

Quizplus · Accepted Answer

$180,000 - $50,000 = $130,000; $130,000 / $1,000 = 130; 130 × $12.04 = $1565.20; $1565.20 × 300 = $469,560; $469,560 - $130,000 = $339,560.

Marvin Bass Bought a Home for $180,000, Putting Down $50,000