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Chapter 3 Mathematics of Finance - page 14 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

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Solution (continued)

If the customer makes a monthly payment of $382.50 to the bank for 180 payments, then the total amount paid to the bank is the product of $382.50 and 180 = $68,850. Thus, the interest earned by the bank is the difference between $68,850 and $50,000 (original loan) = $18,850.  

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