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A young couple is going to take out a $140,000 mortgage (home loan). The interest rate on the loan is 6%, and the loan will
A young couple is going to take out a $140,000 mortgage (home loan). The interest rate on the loan is 6%, and the loan will be for 30 years. Use this information to fill in the blanks and answer the following. Round answers to the nearest cent. a) What will be the monthly payment? Payment = $ b) How much of the first monthly payment will go toward interest? Amount to Interest = $ c) How much of the first monthly payment will go toward the principal? Amount to principal = $ d) What is the total amount of interest paid on this loan? Total Interest = $
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