A couple has just purchased a home for $302,900.00. They will pay 20% down in...
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A couple has just purchased a home for $302,900.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.76% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year?
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