You take out a $200,000 loan to buy a house. You will make monthly payments for 30 years, and the annual interest rate on the loan is 6%. (that means **payment will occur 30*12 times and the monthly interest rate is 6/12=0.5%)

i) How much will be your monthly payment be?

ii) How much of your first monthly payment will go towards paying interest?

iii) How much of your first monthly payment will go towards paying principal**?

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