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Armando took out a 30-year loan for$550,000 to put towards the purchase of a house. The bank charges 4.75% annual interest, compounded monthly, for the
Armando took out a 30-year loan for$550,000 to put towards the purchase of a house. The bank charges 4.75% annual interest, compounded monthly, for the loan.
How much of Armandos first monthly payment goes towards the principal and Assuming Armando only ever makes his minimum monthly payment, how much interest does he pay over the length of the loan?
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