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On January 1, 2024 a company takes out a 5-year mortgage on a new property in the amount of $538,000 at an annual interest rate
On January 1, 2024 a company takes out a 5-year mortgage on a new property in the amount of $538,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $10,401.05. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interest $ Principal $
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