You just got a 15-year fixed home mortgage in the amount of $250,000 at 3.25...
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You just got a 15-year fixed home mortgage in the amount of $250,000 at 3.25 percent APR compounded monthly. If the loan is repaid in equal (fixed) monthly payments, how much of the first payment will be for interest? What does the amortization schedule look like for the first twelve months?
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