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You just took out a 15-year traditional fixed-rate mortgage for $200,000 to buy a house. The interest rate is 7.2% (APR) and you have to

You just took out a 15-year traditional fixed-rate mortgage for $200,000 to buy a house. The interest rate is 7.2% (APR) and you have to make payments monthly.

What is your monthly payment?

How much of your first monthly payment goes towards paying down the outstanding balance (in $)?

How much is the outstanding balance (in $) after the first monthly payment?

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