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Month payment will be attributable to principal

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Consider a mortgage with an outstanding balance of $150,000 and a required monthly payment of $1,100.65. If interest accrues at an annual rate of 8.0 percent, how much of the next month's payment will be attributable to principal?

  • $100.65
  • $1,000.00
  • $880.52
  • $12,000.00

Reference no: EM131973616

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