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Damien has just signed a mortgage contract on his new home for $150,000. The mortgage term...

Damien has just signed a mortgage contract on his new home for $150,000. The mortgage term is 20 years and his monthly payments will be $990. How much lifetime interest will Damien pay to the lender?

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Answer #1

Life Time Interest = Number of Payments*Amount Per Payment Loan Amount 240*990-150000 $ 87,600.00

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