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How much principal will they pay in the first month

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Question - A family is considering moving out of San Jose and buying a home in Davis, California. They made an offer of $700,000 on a house that's perfect for their family. They plan to put 20% down and take out a mortgage for the remainder. They are prequalified for a 30-year loan at 2.78% APR and will make monthly payments.

Required -

1. If they purchase the house, how much will their monthly mortgage payments be?

2. How much principal will they pay in the first month?

Reference no: EM132786066

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