Question: Please explain how to get the answer using a financial calculator or with a regular calculator. A couple has just purchased a home for $416,200.00.

Please explain how to get the answer using a financial calculator or with a regular calculator.

A couple has just purchased a home for $416,200.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.52% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year? Submit Answer format: Currency: Round to: 2 decimal places

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