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You have just purchased a home and taken out a $540,000 mortgage. The mortgage has a...

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Finance

You have just purchased a home and taken out a $540,000mortgage. The mortgage has a 30?-year term with monthly paymentsand an APR of 7.44%.

a. How much will you pay in? interest, and how much will you payin? principal, during the first? year?

b. How much will you pay in? interest, and how much will you payin? principal, during the 20th year? (i.e., between 19 and 20 yearsfrom? now)?

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Transcribed Image Text

You have just purchased a home and taken out a $540,000mortgage. The mortgage has a 30?-year term with monthly paymentsand an APR of 7.44%.a. How much will you pay in? interest, and how much will you payin? principal, during the first? year?b. How much will you pay in? interest, and how much will you payin? principal, during the 20th year? (i.e., between 19 and 20 yearsfrom? now)?

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