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A couple has just purchased a home for $ 3 5 4 , 0 0 0 . 0 0 . They will pay 2 0

A couple has just purchased a home for $

354, 000.00 .

They will pay

20 %

down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of

3.96 %

APR with monthly compounding. The mortgage has a term of

30

years.

How much interest is paid in the first year?

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