Math In A Sustainable Society rove.org

Example 1.7: What is the monthly payment of a 30-year, $120,000 mortgage with a 7% interest rate? Solution 1.7: M=$798.36. This is the monthly payment. If a person makes 360 monthly payments of $798.36, they will pay a total of $287,409.60 for the loan. The amount of interest they pay is $287,409.60 - $120,000 = $167,409.60 ................
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