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You have just purchased a home and taken out a $590,000 mortgage. The mortgage has a...

You have just purchased a home and taken out a $590,000 mortgage. The mortgage has a ​30-year term with monthly payments and an APR of 5.92%.

a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ year?

b. How much will you pay in​ interest, and how much will you pay in​ principal, during the 20th year​ (i.e., between 19 and 20 years from​ now)?

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jeff jeffy answered 1 year ago
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