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Question 2 A newly wed couple bought a house with a standard 1 5 year mortgage in the amount of $ 1 7 6 ,

Question

2

A newly wed couple bought a house with a standard

15

year mortgage in the amount of $

176, 000 .

The effective annual interest rate is

7 % .

The loan was initiated on January

1 .

What is the total interest paid in the first year?

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