Solved: A what is your monthly payment b how much of the principal, Business Economics

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A what is your monthly payment b how much of the principal

You are buying a $1m house with 20% down payment, 30-year mortgage, monthly payment. Interest payment on your financing is 4%.

a. What is your monthly payment?

b. How much of the principal is paid in the first month? How much of it is paid in the second month?

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Business Economics: A what is your monthly payment b how much of the principal

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