How much of first payment applies to the principal balance

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Reference no: EM131844120

On June 1, you borrowed $295,000 to buy a house. The mortgage rate is 4.25 percent. The loan is to be repaid in equal monthly payments over 15 years. All taxes and insurance premiums are to be paid separately. The first payment is due on July 1. How much of the first payment applies to the principal balance?

Reference no: EM131844120

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