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A family borrowed $64,000 to buy a house. The loan was at 7.2% and for 20 years. The monthly payments were $503.90 each. (See Example
A family borrowed $64,000 to buy a house. The loan was at 7.2% and for 20 years. The monthly payments were $503.90 each. (See Example 6.)
(a) How much of the first month's payment was interest, and how much was principal?
interest $
principal $
(b) What was the total amount paid over the 20 years? $
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