Calculate the amount of interest

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Arlen buys a home for 328,000$ and makes a down payments of 33,000$. he finances the balance with a fifteen-year mortgage with monthly payments and an annual effective interest rate of 5.8%. there will be level payments followed by s final slightly reduced payment. calculate the amount of interest that Arlen pays in the first five years of the loan.

Reference no: EM131182503

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