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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 interest do you pay off in year 3?

$13,659.21

$12,891.75

$22,085.73

$23,704.52

None of these

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