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Compute 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 4.9%. You chose a 25-year amortization and you decide to make 52 payments per year. Each mortgage payment is $597.15. How much interest do you pay in the first year? Express your answer as a percentage of the total value of your mortgage payments in the first year.

Reference no: EM132722095

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