John has just purchased a house in Los Angeles, and has taken out a $ 6 000 000 mortgage. The mortgage has a 30-year ter

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answerhappygod
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John has just purchased a house in Los Angeles, and has taken out a $ 6 000 000 mortgage. The mortgage has a 30-year ter

Post by answerhappygod »

John has just purchased a house in Los Angeles, and has taken
out a $ 6 000 000 mortgage. The mortgage has a 30-year term
with monthly payments and has an APR of 2.14%. Answer the
following:
a) How large are the monthly payments?
b) What is the total amount of interest that John will pay
during the first two months?
c) What is the total amount of principal that John will pay
during the first three months?
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