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John Lee bought a home in Des Moines, Iowa, for $135,000. He put down 15% and...

John Lee bought a home in Des Moines, Iowa, for $135,000. He put down 15% and obtained a mortgage for 30 years at 8 1/2%. What is (A) John's monthly payment and (B) the total interest cost of the loan?

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fc =PMT(C2,C3,-C4,C5,C6) B 0.007083333 0.085/12 360 30*12 114,750 135000*85% $ 1 2 RATE 3 NPER 4 PV 5 FV 6 TYPE 7 PMT 8 15 16

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