Solve the problem using the loan payoff table or an amortization table.
A movie star purchased a home costing $942,957. He put 20% down and signed a note for monthly payments at 9% interest for 4 years. Find the amount of each monthly payment and the total amount of interest paid on the loan.
A. $19,130.71, $163,908.48
B. $23,470.20, $183,612.60
C. $18,776.16, $146,890.08
D. $18,414.06, $129,509.28
Answer: C
Mathematics
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