A couple has just purchased a home for 419 000 00 They will pay 20 down in cash and finance the remaining balance The mortgage

Question

A couple has just purchased a home for 419 000 00 They will pay 20 down in cash and finance the remaining balance The mortgage broker has gotten them a mortgage rate of 3 00 APR with monthly 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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