How much interest is paid on the first payment, Finance Basics

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How much interest is paid on the first payment

Problem

A couple has just purchased a home for $349,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6.24% APR with monthly compounding. The mortgage has a term of 30 years.

How much interest is paid on the first payment?

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Finance Basics: How much interest is paid on the first payment

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Finance Basics: How much interest is paid on the first payment

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