How much of the first payment is interest

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Reference no: EM133438912

Question: Consider a 30-year fixed rate mortgage, nominal annual rate 6.0%, monthly payments, and a $240,000 loan amount.

1)How much (dollars) of the first payment is INTEREST?

2)How much (dollars) of the second payment is INTEREST?

3)After making the second payment, what's the balance remaining on the loan (ie how much do you owe)?

Reference no: EM133438912

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