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Your friend decides to purchase a home and takes a 15-year, $200,000 mortgage with a mortgage rate of 3.8%. Her monthly mortgage payment would be
Your friend decides to purchase a home and takes a 15-year, $200,000 mortgage with a mortgage rate of 3.8%. Her monthly mortgage payment would be $1439.65. Please fill in the blanks.
Month | Beginning balance of loan | Monthly payment | Monthly interest rate | Amount applied to interest | Amount applied to principal | Ending balance of loan |
1 | 200,000 | 1439.65 | a. | b. | c. | d. |
2 | e. | f. | g. | h. | i. | j. |
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