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Posted on Sep 06, 2024

James applies for a $ 2 0 0 , 0 0 0 mortgage loan. The bank offers: an annual interest rate of 1 2 %

James applies for a $

200, 000

mortgage loan. The bank offers: an annual interest rate of

12 %,

no points, with equal monthly payments of $

2, 057.23

over

30

years. How much of his first payment will be interest expense?

(

nearest dollar

)

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