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A couple has just purchased a home for $313,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has

A couple has just purchased a home for $313,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.04% 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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