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2 In 2017, a $980,000 apartment was financed by making a 20% down payment and signing a 20-year mortgage at 6% annual interest compounded monthly
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In 2017, a $980,000 apartment was financed by making a 20% down payment and signing a 20-year mortgage at 6% annual interest compounded monthly for the unpaid balance. How much of the first month's payment will apply to pay for the interest due? Given that the market value of this apartment in 2022 is $1,300,000, find the Equity of this apartment. (Round to the nearest dollar) A. S 4420501 B. S 1799999 C. S 3524103 D. S 2620502Step by Step Solution
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