Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jamie's total finance charges? A. $457,425.60 B. $606,823.20 C. $626,863.20 D. $600,000.00

Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jamie's total finance charges? A. $457,425.60 B. $606,823.20 C. $626,863.20 D. $600,000.00

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 31P

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.

Question

Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at 5% for 35 years. What are Jamie's total finance charges?

A. $457,425.60

B. $606,823.20

C. $626,863.20

D. $600,000.00

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