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Arlen buys a home for $324,000 and makes a down payment of $33,300. The balance he finances with a fifteen-year mortgage with monthly payments and
Arlen buys a home for $324,000 and makes a down payment of $33,300. The balance he finances with a fifteen-year mortgage with monthly payments and an annual effective interest rate of 5.2%. There will be level payments followed by a final slightly reduced payment. Calculate the amount of interest that Arlen pays in the first five years of the loan. (Round your answer to the nearest cent.) $
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