Solve the problem.In order to purchase a home, a family borrows $60,000 at an annual interest rate of 11%, to be paid back over a 30 year period in equal monthly payments. Find the total amount paid to the finance company for the life of the loan. Round your answer the nearest dollar.
A. $199,461
B. $205,702
C. $201,934
D. $198,000
Answer: B
Mathematics
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