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How much will pay in principal during the first year

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Reference no: EM132604092

You have just bought a house and taken out a $160 000 mortgage. The mortgage has a 26-year term with monthly payments and an APR of 6% (monthly compounding).

Question 1: How much will you pay in principal during the first year?

Question 2: How much will you pay in interest during the first year?

Reference no: EM132604092

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