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What is the loan balance after first monthly payment

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Reference no: EM132064796

Question: Prepare the first row of a loan amortization schedule based on the following information. The loan amount is for $25,292 with an annual interest rate of 05.00%. The loan will be repaid over 31 years with monthly payments.

a) What is the Loan Payment?

b) What portion of this payment is Interest?

c) What portion of this payment is Principal?

d) What is the Loan balance after first monthly payment?

Reference no: EM132064796

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