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To buy your first home, you take out a 15 year (fully amortizing) mortgage for $400,000 which requires equal yearly payments. The effective annual interest

To buy your first home, you take out a 15 year (fully amortizing) mortgage for $400,000 which requires equal yearly payments. The effective annual interest rate is 3.6%. How much do you pay in interest in year 4?


Answers:	A. $12,096.67
	B. $22,880.81
	C. None of these
	D. $34,977.48
	E. $14,400.00

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