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You just took out a $970,000 fully amortizing loan, requiring monthly payments at 7.7 percent over 30 years. 1. How much of the second payment

You just took out a $970,000 fully amortizing loan, requiring monthly payments at 7.7 percent over 30 years.

1. How much of the second payment applies to the principal balance?

2. How much of the second payment is interest?

3. How much of the third payment applies to the principal balance?

4. How much will be paid in interest over the life of the loan?

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