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Joe borrows $80,000 at 6% for 30 years with monthly amortization. Assume that the mortgage payment is made on the last day of the month.

Joe borrows $80,000 at 6% for 30 years with monthly amortization. Assume that the mortgage payment is made on the last day of the month. How much interest will he pay in the first year of the mortgage? (round to the nearest cent)

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