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| rev | Admin | (Created page with "Jake buys a $140,000 home. He must make monthly mortgage payments for 40 years, with the first payment to be made a month from now. The annual effective rate of interest is 8%. After 20 years Jake doubles his monthly payment to pay the mortgage off more quickly. Calculate the interest paid over the duration of the loan. <ul class="mw-excansopts"><li>$241,753.12</li><li>$527,803.12</li><li>$356,440.43</li><li>$136,398.99</li><li>$225,440.43</li></ul> {{cite web |url=htt...") | Nov 22'23 at 1:38 | +717 |