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A couple has just purchased a home for $327,400.00. They will pay 20% down in cash,...

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Finance

A couple has just purchased a home for $327,400.00. They willpay 20% down in cash, and finance the remaining balance. Themortgage broker has gotten them a mortgage rate of 5.64% APR withmonthly compounding. The mortgage has a term of 30 years.

How much interest is paid in the first year?

Answer Format: Currency: Round to: 2 decimal places.

Answer & Explanation Solved by verified expert
3.8 Ratings (490 Votes)
Monthly Loan Payment Loan Amount P 261920 327400 x 80 Monthly Interest Rate n 047 per month 564 12 Months Number of months n 360 Months 30 Years x 12 months Monthly Loan Payment P x r 1rn 1rn 1 261920 x    See Answer
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Transcribed Image Text

A couple has just purchased a home for $327,400.00. They willpay 20% down in cash, and finance the remaining balance. Themortgage broker has gotten them a mortgage rate of 5.64% APR withmonthly compounding. The mortgage has a term of 30 years.How much interest is paid in the first year?Answer Format: Currency: Round to: 2 decimal places.

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