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You have just arranged for a $1,500,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 5

You have just arranged for a $1,500,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 5 percent, and it calls for monthly payments over the next 20 years.

How much interest are you paying at the end of the 20th month?

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