Mortgage with interest rate

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You bought a house with price of $250,000. Your LTV (loan-to-value ratio) is 80%. You choose the 30-year mortgage with interest rate 6%. Assuming the total transaction cost is $10,000.

In the monthly payment, how much you pay for the principle and how much you pay for the interest in the 1st and 2nd month? Please show calculations in Excel.

Reference no: EM132515974

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