How much of first payment is interest only

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Reference no: EM131185268

Suppose you are buying your first condo for $150,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 4.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be? How much of first payment is interest only?

Reference no: EM131185268

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