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How much of first payment went towards reducing principal

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Reference no: EM133055477

Question - Sally purchases a home for $375,000. She pays $54,000 down and finances the balance for 30 years at 4.25% compounded monthly.

A) How much of the first payment went towards reducing the principal? (Solve without using the amortization schedule.)

B) What is Sally's equity after 200 payments?

Reference no: EM133055477

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