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Mathematics, 17.02.2021 04:40 crybaby222psyc

10. The banking and lending industry is one of the most profitable industries in the world for the lender, not the borrower. If you buy a home and take out a 30-year home mortgage loan for $500,000 at an APR of 4.5% , your monthly acipal + intere payment will be \$2,533 , every month for 30 years , or until you sell your home. a. Assuming you stay in your home for 30 years, how much total money will you have paid the bank in 30 years ? (Seckon 8.3 ) (1 point )

b. How much of the total money paid in part (a) was interest to the bank/ lender-money you never see again? (Section 8.3) (1 point)

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