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Consider a loan for $114,176 that is paid off in 15 yearly payments of $11,000. What is the total interest paid over the life of the loan?

A. $1,176
B. $13,176
C. $15,000
D. $23,176

Answer :

Final answer:

To determine the total interest paid on a loan, subtract the original loan amount of $114,176 from the total amount paid, which is $165,000 (15 payments of $11,000 each). The result is a total interest paid of $50,824, which does not match the given options. Verify the calculation or options for any discrepancies.

Explanation:

The question asks us to calculate the total interest paid over the life of a loan. The loan amount is $114,176, and it is paid off in 15 yearly payments of $11,000 each. To find the total interest paid, we first calculate the total amount paid over the life of the loan and then subtract the original loan amount.

Total amount paid = 15 payments * $11,000 per payment
= 15 * 11,000
= $165,000

Total interest paid = Total amount paid - Original loan amount
= $165,000 - $114,176
= $50,824

However, none of the provided options (a through d) match the calculated total interest. It's possible there is a mistake in the calculation or in the options provided. Please double-check the numbers or consult additional resources.

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