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Find How much interest do pay in the first year

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Problem 1: You have just negotiated a home mortgage with a principal of $450,000. The bank's quoted rate is 7.9%. You chose a 25-year amortization and you decide to make 24 payments per year. Each mortgage payment is $1,700.14. How much interest do you pay in the first year?

Reference no: EM132716583

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