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Posted on Aug 23, 2024

You just borrowed $300,000 to buy a house. You plan to pay off your loan by making equal monthly payments over the next 20 years.

You just borrowed $300,000 to buy a house. You plan to pay off your loan by making equal monthly payments over the next 20 years. Suppose the interest rate your bank charges you is an APR of 6%, compounded semi-annually.

What is the interest payment for the first month in Year 6?

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