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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 of the principal do you pay off in year 3? $21,318.27 None of the above $22,085.73 $12,891.75 $34,977.48

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