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How much money will
be spent in interest
alone over the course of
the 4% 30-year
mortgage described in
the table?
Interest is amount added for time. In this case, every dollar borrowed will require 1.04 back. This may not seem like much, but it leads to a lot. Multiplying 120,000 by .04, which is 4 % in decimal form, will give you 4,800 dollars.
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