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You just purchased a home for $450,000 and made a 10% downpayment and obtained a mortgage for the balance. Based on an interest rate of
You just purchased a home for $450,000 and made a 10% downpayment and obtained a mortgage for the balance. Based on an interest rate of 3.5% and a term of 30 years on a fully amortizing loan, what is your monthly mortgage payment and how much of your very 1st month s payment will be principal, respectively? (ignore PMI for this question)" Please show in excel
a. $2,021, $708" "
b. $1,819, $1,181" "
c. $14,119, $3,402" "
d. $1,819, $637"
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