Find the Payment Size and the Total Interest Paid Over

question 46

Multiple Choice

Find the payment size and the total interest paid over the life of the loan of $350,000 at 10% under the following condition. Payments are monthly, and the rate is 10%, compounded monthly for 25 years. Round your answers to the nearest cent. ​

• A)Payment size is $3,335.60 and the total interest paid is $604,135.00.
• B)Payment size is $3,052.53 and the total interest paid is $1,304,135.00.
• C)Payment size is $3,335.60 and the total interest paid is $1,304,135.00.
• D)Payment size is $3,180.45 and the total interest paid is $604,135.00.
• E)Payment size is $3,052.53 and the total interest paid is $445,112.50.

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Definitions:

Pons

A part of the brainstem that links the medulla oblongata and the thalamus, playing a crucial role in controlling breathing, communication between different parts of the brain, and sensations such as hearing and taste.

REM Sleep

A stage of sleep characterized by rapid eye movements, more vivid dreams, and increased brain activity similar to being awake.

NREM Sleep

Non-Rapid Eye Movement sleep, which is characterized by slower brain waves and is divided into three stages, representing non-dreaming sleep phases.

REM Sleep

A stage of sleep characterized by rapid eye movements, low muscle tone, and the potential for dreams to occur, important for memory consolidation and mood regulation.