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Liz Rogers closed a $215,000 fixed-rate mortgage loan. The stated mortgage interest rate was 3.875% per year. The loan was to be repaid with 60
Liz Rogers closed a $215,000 fixed-rate mortgage loan. The stated mortgage interest rate was 3.875% per year. The loan was to be repaid with 60 equal, consecutive, monthly, and end-of-month payments. The first monthly payment was due on May 31, 2013. Ignore all closing costs. How much of the payment made in April 2017 would represent the interest payment? a. $162.02 b. $252.43 c. $144.21 d. $565.95 e. $515.95
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