Question: Jim took out a 3 0 year, $ 2 0 0 , 0 0 0 mortgage on his home with an annual interest rate of

Jim took out a 30 year, $200,000 mortgage on his home with an annual interest rate of 5.5%, compounded monthly. The following statements are true EXCEPT:
The monthly payments will be: $1,136
After the 12th payment, the total interest payments will be $10,933
After the 12th payment, the total principal payments will be $2,694
After the 12th payment, the mortgage balance will be $194,360

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