question archive Marcel Thiessen purchased a home for $205,700 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%
Marcel Thiessen purchased a home for $205,700 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%
Subject:MathPrice:2.87 Bought7
Marcel Thiessen purchased a home for $205,700 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)
interest $
applied to the principal $
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Answer:
a) Interest=$1,079.93
b) Principal=$584.07
Step-by-step explanation:
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