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QUESTION
A couple has just purchased a home for $384,900. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten...
A couple has just purchased a home for $384,900.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6.60% APR with monthly compounding. The mortgage has a term of 30 years.
How much interest is paid on the first payment?
