If I borrowed $94,000 to buy my first home, the interest rate on my loan is 7.5% for 20 years, how much interest will i have to pay after 20 years?
If you borrowed $94,000 to buy a home at 7.5% interest over 20 years, your total interest paid would be $87,741. You can decrease the amount of interest paid by paying extra on your payment each month to reduce the principal.
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