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You just borrowed $351,518 to by a new house. The advertised interest rate was 6.2% APR with monthly compounding. The loan is 15 years long,
You just borrowed $351,518 to by a new house. The advertised interest rate was 6.2% APR with monthly compounding. The loan is 15 years long, with equally-sized monthly payments. The first payment is due in one month. Determine the amount of interest associated with the 66th payment. Keep the precision of your computations high. Draw a good timeline! Enter your answer as a positive value with at least 4 digits of precision
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