A bank charges you 8% interest that is compounded monthly. Use the formula A = P . ( 1 +
r/n) nt to Xind the total amount of interest paid for a 11-year loan of $70,000.00 for your
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Given quantity as follow,
Interest rate = 8%
t = Period or time 11 year
P = 70,000
n = 12 month/year
A = 70000 * (1 + 0.08/12) ^ 11*12
= 70000 * (1.00667)^132
Ans = $168,270.85
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