1. You borrowed $200,000 through a 30-year mortgage loan from a local bank to purchase the house. The interest rate on t

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answerhappygod
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1. You borrowed $200,000 through a 30-year mortgage loan from a local bank to purchase the house. The interest rate on t

Post by answerhappygod »

1. You borrowed $200,000 through a 30-year mortgage loan from a
local bank to purchase the house. The interest rate on this
mortgage is 4% per year. You need to make monthly payments. What is
the payment towards the principal of the mortgage (principal paid)
in the first month?
Multiple Choice
a. 954.8
b. 314.2
c. 288.2
d. 1005.3
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