How much of the third payment applies to principal balance, Finance Basics

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How much of the third payment applies to principal balance

Problem

Exam 1 Later Today, you borrowed $285,000 to bary a house. The mortgage rate is 4.2 percent. The loan is to be repaid in equal monthly payments over 20 years, with the first payment due one month from today. How much of the third payment applies to the principal balance?

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Finance Basics: How much of the third payment applies to principal balance

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