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You purchase a cottage for $ 1 8 0 , 0 0 0 . You obtain a 2 5 - year, fixed rate mortgage loan

You purchase a cottage for $180,000. You obtain a 25-year, fixed rate mortgage loan at 12.5% after paying a down payment of 25%. Of the second month's mortgage payment, hove much is interest and how much is applied to the principal? (Round your answers to the nearest cent.) interest: applied to the principal:

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