Buy a house with a $$600,000$ price and decide to put $$200,000$ down $($so your loan is

$$400,000).$ You go to Chase Bank for a mortgage and they offer you a $30$ year fixed mortgage

at a $6\%$ annual rate. This is a fully amortizing loan and we would know a portion of the

monthly payment is applied to principal and a $($larger$)$ portion is applied to our interest

payment.

What portion of the monthly payment is being applied to our interest payment $($for month

one$)?$

$$24,000$

$$2,000$

$$398$

$$523$