James owns an investment property valued at $900,000 with an outstanding mortgage of $450,000. Last financial year,

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Question:

James owns an investment property valued at $900,000 with an outstanding mortgage of $450,000. Last financial year, his mortgage repayments totalled $39,484. He has a fixed interest rate of 6.3% and has 29 years left on his mortgage.

Can you calculate how much interest James paid last financial year vs the principal amount? Please show and explain calculations/formulas. Please also state any assumptions.