1. Use Figure 10.1. Ruby Taylor and her husband decide to purchase a condominium rather than continuing to rent. They found a suitable property and the owner accepted their offer of $165,000.
The financing company requires a 10 percent down payment for a 30-year loan at 6 percent. At the
end of 30 years, what will be the total amount of interest charged?
$165,000
$167,325
b. $172,260