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John and Peggy recently bought a house. They financed the house with a $125,000, 30-year mortgage with a nominal interest rate of 7%. Mortgage payments

John and Peggy recently bought a house. They financed the house with a $125,000, 30-year mortgage with a nominal interest rate of 7%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first three years will go towards payment of Interest? (Answer: $25,847.31) EXCEL

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