You have just taken out a 30 year, $120,000 mortgage on your new home. This mortgage is
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You have just taken out a 30 year, $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal)annual interest rate is 15.58percent, what is the amount of the INTEREST portion of the FIRST monthly installment?
Related Book For
Macroeconomics
ISBN: 978-0321675606
6th Canadian Edition
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
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