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What is the interest paid in the year of the mortgage

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Reference no: EM132735108

Problem 1: Shantel has a mortgage of $547,000 through her bank for property purchased. The loan is repaid by end of month payments of $3,899.66 with an interest rate of 5.59% compounded monthly over 19 years. What is the interest paid in the 8th year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places.

Reference no: EM132735108

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