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What will be carla payment in the first month of the loan

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Reference no: EM132826050

Carla is taking an Interest Only loan to purchase a $380,888 property with 0.85 (85%) LTV. The loan is issued for 15 years with monthly payments and has a fixed interest rate at 3%. Under this mortgage contract, what will be Carla's payment in the first month of the loan? State your answer as a number rounded to the nearest cent (e.g. if your answer is $1,000.568, write 1000.57).

Reference no: EM132826050

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