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Solve the Problem Using the Loan Payoff Table or an Amortization

Question 93

Multiple Choice

Solve the problem using the loan payoff table or an amortization table. Solve the problem using the loan payoff table or an amortization table.   -A movie star purchased a home costing $708,815. He put 20% down and signed a note for monthly payments at 9% interest for 4 years. Find the amount of each monthly payment and the total amount of interest paid on the loan. A) $14,113.92, $110,416.16 B) $17,642.41, $138,020.68 C) $13,841.74, $97,351.52 D) $14,380.44, $123,209.12
-A movie star purchased a home costing $708,815. He put 20% down and signed a note for monthly payments at 9% interest for 4 years. Find the amount of each monthly payment and the total amount of interest paid on the loan.


A) $14,113.92, $110,416.16
B) $17,642.41, $138,020.68
C) $13,841.74, $97,351.52
D) $14,380.44, $123,209.12

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