A couple has just purchased a home for $302,800.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.88% APR with monthly compounding. The mortgage has a term of 30 years.

How much interest is paid in the first year?

hint: the balance of the loan after one year, is the balance remaining with 29 years or 29*12 months left to pay.