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Home = $600,000 You have just purchased the house and have put a 10% down payment, and will borrow the remaining amount. The 15-year fixed

Home = $600,000

You have just purchased the house and have put a 10% down payment, and will borrow the remaining amount. The 15-year fixed rate loan has an Annual Percentage Rate (APR) of 3.875%. You will make monthly payments for the life of the loan.

How much is your monthly payment?

Assume that you make payments for one year. How much have you reduced the principal balance that is, the amount that you owe on the loan?

After one year, how much have you paid in interest?

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