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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 principal do you pay off in year 2?

		$13,659.21
		$21,318.27
		$34,977.48
		$41,895.75
		None of the above

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