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The Ricordi family has just bought a house for $275,000. They have been saving money for a while and are able to make a $100,000
The Ricordi family has just bought a house for $275,000. They have been saving money for a while and are able to make a $100,000 down payment. They have chosen a 30-year mortgage from their bank to borrow the balance of the purchase price. The interest rate of the mortgage is 6.5%, compounded monthly.
4 pts] After ten years of payments, how much of their next monthly payment is devoted to interest?
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