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How much will you pay in interest

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Reference no: EM132846097

Question - You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 4.40%.

Required -

a. How much will you pay in interest, and how much will you pay in principal, during the first year?

b. How much will you pay in interest, and how much will you pay in principal, during the 20th year?

Reference no: EM132846097

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