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A borrower takes out a 30-year mortgage loan for $413,508 with an interest rate of 13% and monthly payments. What portion (dollar amount) of the
A borrower takes out a 30-year mortgage loan for $413,508 with an interest rate of 13% and monthly payments. What portion (dollar amount) of the first months payment would be applied to interest?
Please show steps to solve on a financial calculator. Thanks!
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