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How much of the first payment is the interest owed

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Reference no: EM133006176

Problem 1: Christopher is getting a mortgage for a house and will borrow $700,000.  For this mortgage, the amortized loan requires annual payments for 17 years at a 4.6% annual interest rate. How much of the first payment (to the nearest cent) is the interest owed for the first year of the loan?

Reference no: EM133006176

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