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Your home loan has an initial principal balance of $256,000, monthly payments over the next 30 years, and an annualized interest rate of 5.4%. What
Your home loan has an initial principal balance of $256,000, monthly payments over the next 30 years, and an annualized interest rate of 5.4%. What is the interest component of payment #51? [Hint: You don't need to construct an amortization schedule. You just need the beginning balance associated with payment #51] Don't round intermediate calculations. Enter your answer as a positive number (in dollars), and round to the nearest penny.
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