In Order to Purchase a Home, a Family Borrows $140,000

question 95

Multiple Choice

In order to purchase a home, a family borrows $140,000 to be amortized at 9% interest. How much more interest will be paid in total if the term of the loan is 25 years than if it is 10 years?

• A)$114,446.98
• B)$139,646.98
• C)$127,046.98
• D)$147,066.98

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Definitions:

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Specialized skill or knowledge in a particular field or domain, acquired through experience or education.