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Daniel and Jan agreed to pay $557,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 25-year mortgage
Daniel and Jan agreed to pay $557,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 25-year mortgage at a fixed rate of 638638 %. (Use Table 15.1.)
How much is their monthly payment?
Monthly Payment: $3,317.06
After the first payment, what would be the balance of the principal?
Note: Round your answers to the nearest cent.
| Payment Number | Portion to- | Balance of Loan Outstanding | |
| Interest | Principal | ||
| 1 |
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