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Consider the first payment against a $ 2 0 0 , 0 0 0 mortgage that last for 2 5 years. Fixed repayments are made
Consider the first payment against a $ mortgage that last for years. Fixed repayments are made on a monthly basis. The first row of the amortization schedule is shown below.
Payment # Payment Interest Debt Payment Balance
d p b
Calculate p the first payment made against the loan principal debt.
Round your answer to the nearest dollar.
Do NOT round until you calculate the final answer.
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