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QUESTION
The Garfields buy a $265,000 home by putting 20% down and financing the balance with a 30-year fixed-rate 4.2% mortgage, compounded monthly.
The Garfields buy a $265,000 home by putting 20% down and financing the balance with a 30-year fixed-rate 4.2% mortgage, compounded monthly. What is the total amount of interest paid to the lender over the entire 30-year loan?
