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Ratios, Proportions, and Percents

Computing the total cost and interest for a loan

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Question

The Bennetts bought a 

$353,000

 house. They made a down payment of 

$44,000

 and took out a mortgage for the rest. Over the course of 

30

 years they made monthly payments of 

$1852.62

 on their mortgage until it was paid off.

(a)What was the total amount they ended up paying for the house (including the down payment and monthly payments)?

$

(b)How much interest did they pay on the mortgage?

$



Explanation

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