John and Peggy recently bought a house. They financed the house with a $195,000, 30-year...
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John and Peggy recently bought a house. They financed the house with a $195,000, 30-year mortgage with a nominal interest rate of 7.47%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first 5 years will go towards repayment of principal?
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