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Rashida purchases a house for $310,000 and takes a mortgage for the full amolunt. Her mortgage charges 5% per year and interest is compounded monthly. She will repay the loan over 20 years with equal monthly
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26 votes
26 votes
Rashida purchases a house for $310,000 and takes a mortgage for the full amolunt. Her mortgage charges 5% per year and interest is

compounded monthly. She will repay the loan over 20 years with equal monthly payments. How much of the 1st payment would be
applied toward interest and how much of the 1st payment would be principal?

User Rinsad Ahmed
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1 Answer

13 votes
13 votes
She will have to pay 5k for her first payment
User Timst
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2.3k points
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