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Suppose a 20-year mortgage of $400,000 at a fixed nominal interest rate of 6.0% per year, compounded annually. 1. What is the yearly payment?

Suppose a 20-year mortgage of $400,000 at a fixed nominal interest rate of 6.0% per year, compounded annually. 1. What is the yearly payment? 2. What are the interest paid and the principal repayment in the first year?

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