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Tony has a 200,000 home loan for 30 years paid monthly at a nominal annual rate of 5.5% convertible monthly. Find the amount of interest

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Tony has a 200,000 home loan for 30 years paid monthly at a nominal annual rate of 5.5% convertible monthly. Find the amount of interest paid in the 60 th payment. (Hint: find the monthly payment first, then directly use AMORT function from your calculator)

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