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:

Practicality

The aspect of being realistic, feasible, and focused on what is achievable and sensible in real-world situations.

Financial Viability

The ability of an entity to generate sufficient income to cover its expenses and sustain its operations over time.

Comprehensive Impact

The wide-ranging effects or outcomes of an action or event, covering all aspects and consequences.

Top-Down Change

The change initiatives come from senior management.