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SITUATION FOR QUESTIONS 14 - 15 Your parents bought a new house today. Their principal and interest monthly payments are calculated to be $945.03 .

SITUATION FOR QUESTIONS 14 - 15

Your parents bought a new house today. Their principal and interest monthly payments are calculated to be $945.03. Loan terms are as follows: original mortgage balance is $119,899.00, the amortization period is 15 years, and the annual interest rate is 4.95% compounded monthly.

$____________14. What portion of their first payment will be interest?

$____________15. What portion of their first payment will be principal?

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