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Posted on Sep 11, 2024

You've just taken out a 1 5 - year loan for $ 1 2 0 , 0 0 0 to buy a home. Your mortgage

You've just taken out a

15 -

year loan for $

120, 000

to buy a home. Your mortgage carries a

6.5 %

interest rate and requires payments at the end of every month.

)

How much will your monthly loan payment be

?

)

How much interest is included in that very first monthly loan payment?

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