A couple has just purchased a home for $301,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6.36% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year? A couple has just purchased a home for $301,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6.36% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year