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To buy your first home, you take out a 15 year (fully amortizing) mortgage for $375,000 which requires equal yearly payments. The effective annual interest

To buy your first home, you take out a 15 year (fully amortizing) mortgage for $375,000 which requires equal yearly payments. The effective annual interest rate is 3.6%. How much interest do you pay off in year 2?

$38,277.26

None of the above

$32.791.39

$12,805.51

$19,985.88

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