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18) You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30- year term with monthly payments and an
18) You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30- year term with monthly payments and an effective monthly rate of 1.2727%. How much will you pay in principal during the first month? a) $68 b) $5,687 c) $6,364 d) $6,431 e) $31,875 19) You have just purchased a home and taken out a $490,000 mortgage. The mortgage has a 30- year term with monthly payments and an effective monthly rate of 0.3764%. How much will you pay in interest during the twentieth month? a) $1,792 b) $1,794 c) $1,797 d) $2,488 e) $475,558
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