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Based on the following loan, how much interest is paid in the first year? Loan Amount = $300,000 Interest Rate = 3.5% APR with monthly

Based on the following loan, how much interest is paid in the first year?

Loan Amount = $300,000

Interest Rate = 3.5% APR with monthly payments.

30 year loan with monthly payments.

Multiple Choice

$8,244.17
$5,757.38
$12,677.04
$10,408.22
None of the above.

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