How much interest will you pay during the eighth year of a 25-year $350,000 loan with...

How much interest will you pay during the eighth year of a 25-year $350,000 loan with an APR of 5.5% if you only make the minimum monthly payments?

A. $17,293

B. $15,941

C. $16,139

D. $28,989

Expert Solution

Ans B. $15941

$15941 Interest will be paid during the eighth year of a 25-year $350,000 loan with an APR of 5.5% if you only make the minimum monthly payments

jeff jeffy answered 1 year ago

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