You have just purchased a home and taken out a $550,000 mortgage The mortgage has a 20 year term with monthly payments and an APR of 6 How much will you pay in interest, and how much will you pay in principal, during the first year How much will you pay in interest, and how much will you pay in principal, during the 10th year (i e , between 9 and 10 years from now)

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You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 20-year term with monthly payments and an APR of

You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 20-year term with monthly payments and an APR of 6%.

How much will you pay in interest, and how much will you pay in principal, during the first year?
How much will you pay in interest, and how much will you pay in principal, during the 10th year (i.e., between 9 and 10 years from now)?

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