You Are Borrowing $300,000 for 20 Years at 4

question 30

Multiple Choice

You are borrowing $300,000 for 20 years at 4%. Payments will be made monthly. What is the total amount of interest you will pay if you pay the loan as agreed over the 20 years?

• A)$114,786
• B)$124,340
• C)$136,306
• D)$164,120
• E)$196,342

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Definitions:

Anemia

A condition characterized by low red blood cell count. This condition decreases the ability to transport oxygen throughout the body.

Iron

A chemical element (Fe) essential for blood production in the human body, notably in the form of hemoglobin.

Saturated Fats

Saturated fats are a type of dietary fat found in animal products and some tropical oils, which are solid at room temperature and can influence cholesterol levels.

Coconut

A tropical fruit with a hard shell, edible white flesh, and a clear liquid inside, known for its nutritional and culinary uses.