Consider an amortizing loan

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Consider an amortizing loan. The amount borrowed initially is $13,456, the interest rate is 7% APR, and the loan is to be repaid in equal monthly payments over 25 years. As we know, while each monthly payment will be the same, the amounts of interest and principle paid will change from payment to payment. How much of the very first payment is interest?

Reference no: EM131185036

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