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1. What would be the monthly payment on a $250,000 15-year fixed rate mortgage with a 4.5% APR (compounded and paid monthly)? 2. In the

1. What would be the monthly payment on a $250,000 15-year fixed rate mortgage with a 4.5% APR (compounded and paid monthly)?

2. In the first months payment, how much principal will be repaid on a $250,000 15-year fixed rate mortgage with a 4.5% APR?

Please show manual calculations (not using excel)

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