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Suppose you are buying your first home for $600,000, and you have arranged to finance...

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Accounting

Suppose you are buying your first home for $600,000, and you have arranged to finance the full price with a 20-year, monthly payment, amortized mortgage at a 3.20% nominal interest rate, with the first payment due in one month. By how much would you reduce the amount you owe after your first payment? (Round your answer to 2 decimals.)

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