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What would be the principal on the first payment

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Reference no: EM132902905

If you were going to buy your home from Mrs. Beach for $250,000 with a 10% down payment and 15 year mortgage at a 5% interest rate.

Problem a. How much would your payments be each month?

Problem b. What would be the principal and interest payment on the first payment?

Problem c. What would be the principal and interest payment on the twelfth payment?

Problem d. What type of a problem is this?

Reference no: EM132902905

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