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You obtain a $95.000 home loan for 15 years at 5.1% interest compounded monthly. If you...

You obtain a $95.000 home loan for 15 years at 5.1% interest compounded monthly. If you made the first payment was made on August 15, 2009, how much interest will be paid in the year 2014? DO NOT USE EXCEL TO RESPOND TO THIS QUESTION. USE THE FORMULA FOR EACH STEP AND SHOW WORK.

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The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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