Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Question
Guadalupe has a mortgage of $581,000 through her bank for property purchased. The loan is repaid by end of month payments of $3,577.53 with an interest rate of 4.53% compounded monthly over 21 years. What is the interest paid in the 2nd year of the mortgage?
Interest paid in 2nd year =
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