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:

Volume Control Device

A medical device used to precisely control the volume of fluid delivered to a patient, often used in intravenous therapy.

Agency Policy

Official guidelines or rules established by an organization or government to dictate conduct or procedures.

Medicated IV

The administration of therapeutic drugs directly into the bloodstream through an intravenous line for immediate effect.

Agency Policy

Guidelines and rules established by organizations or governmental bodies to govern their operations.