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Compute the amount of the first months interest

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-Compute the monthly payment for a $74,996 home loan. The stated interest of the loan is 5% with monthly payments. The loan amortization is over 25 years

-Compute the amount of the first months interest of a $55,767 home loan. The interest on the loan is 5% with monthly payments. The loan amortization is over 25 years.

-Compute the amount of the first monthly payment that will go towards principal for a $61,491 home loan. The interest of the loan is 5% with monthly payments. The loan amortization is over 25 years.

-Compute the new balance of a loan after one monthly payment. Assume that the balance at the beginning of the period was $81,112. The monthly payment is $1000. The annual interest rate is 4%.

Reference no: EM132853831

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