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Suppose you have a 30-year mortgage loan for $119,500 at an annual interest rate of 8.25%. For which monthly payment does the amount of principal

Suppose you have a 30-year mortgage loan for $119,500 at an annual interest rate of 8.25%. For which monthly payment does the amount of principal paid first exceed the amount of interest paid? For this exercise, you will need a spreadsheet program for producing amortization schedules.

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