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To calculate the interest on a mortgage loan, you can use the following formula:
Interest = Principal Amount x Annual Interest Rate x Loan Term
For example, if you have a mortgage loan of $200,000 with an annual interest rate of 4% and a loan term of 30 years, the calculation would be:
Interest = $200,000 x 0.04 x 30 = $240,000
This means that over the course of the 30-year loan term, you would pay a total of $240,000 in interest on top of the original principal amount of $200,000.
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