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Mr . Kumar is buying a new condo for $ 2 4 2 , 0 0 0 . He will pay 2 0 % down,

.

Kumar is buying a new condo for $

242, 000 .

He will pay

20 %

down, and finance the remainder over a period of

20

years at a fixed APR of

4.08 % .

Use this information to fill in the blanks and answer the following. Round answers to the nearest cent.

How much of the first monthly payment will go toward interest?

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