Solve the problem using the loan payoff table or an amortization table.
A movie star purchased a home costing $708,815. 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. $17,642.41, $138,020.68
B. $14,380.44, $123,209.12
C. $14,113.92, $110,416.16
D. $13,841.74, $97,351.52
Answer: C
Mathematics
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