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How much of the tenth payment applies

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This morning, you borrowed $162,000 to buy a house. The mortgage annual rate is 4.35 percent. The loan is to be repaid in equal monthly payments over 20 years with the first payment due one month from today. Assume each month is equal to 1/12 of a year and all taxes and insurance premiums are paid separately. How much of the tenth payment applies to the principal balance?

Reference no: EM132692977

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