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You just borrowed $181,397 to by a new house. The advertised interest rate was 6% APR with monthly compounding. The loan is 24 years long,
"You just borrowed $181,397 to by a new house. The advertised interest rate was 6% APR with monthly compounding. The loan is 24 years long, with equally-sized monthly payments. The first payment is due in one month. Determine the reduction in principle associated with the 115th payment. Draw a good timeline! Keep your computations precise. Enter your answer as a positive value with at least 4 digits of precision
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