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you have just taken out a 30 year $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal monthly installments.

you have just taken out a 30 year $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal monthly installments. if the stated (nominal) annual interest rate is 15.73 percent, what is the amount of interest portion of the FIRST installment?

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