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Compute the required monthly payment on a $260,000, 35-year fixed-rate mortgage with a nominal interest rate of 8.80%. Using the table for the first three

Compute the required monthly payment on a $260,000, 35-year fixed-rate mortgage with a nominal interest rate of 8.80%.

Using the table for the first three months indicates that:

a. How much of the payment goes toward the principal?

b. What is the amount that goes towards interest payment?

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