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Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%.

Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%. In month 3 of the mortgage, how much of the monthly mortgage payment does the interest portion consist of? Show your steps used in Excel.

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