A couple has just purchased a home for $432,300.00. They will pay 20% down in...
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A couple has just purchased a home for $432,300.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6.00% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year? Answer format: Currency: Round to: 2 decimal places
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