You just took a mortgage of $249,500 at 6.75 percent interest rate, compounded monthly. Equal...
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Finance
You just took a mortgage of $249,500 at 6.75 percent interest rate, compounded monthly. Equal fixed payments are to be made at the end of each month for thirty years.
a. How much is the total payment each month?
b. Of the first payment, how much is the interest payment and how much is the principal payment?
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