Question: Christopher is getting a mortgage for a house and will borrow $700,000. For this mortgage, the amortized loan requires annual payments for 21 years at

Christopher is getting a mortgage for a house and will borrow $700,000. For this mortgage, the amortized loan requires annual payments for 21 years at a 4.6% annual interest rate. How much of the first payment (to the nearest cent) is the interest owed for the first year of the loan?

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