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( Components of an annuity payment ) You take out a 2 5 - year mortgage for $ 3 9 5 , 0 0 0
Components of an annuity payment You take out a year mortgage for $ to buy a new house. What will your monthly payments be if the interest rate on your mortgage is percent? Use a spreadsheet to calculate your answer. Now, calculate the portion of the th monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations.
a Using a spreadsheet to calculate your answer, your monthly payments will be $
Round to the nearest cent.
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