Question: James applies for a $ 2 0 0 , 0 0 0 mortgage loan. The bank offers: an annual interest rate of 1 2 %

James applies for a $200,000 mortgage loan. The bank offers: an annual interest rate of 12%, no points, with equal monthly payments of $2,057.23 over 30 years. How much of his first payment will be interest expense? (nearest dollar)

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