Question

they buy a house for $240,000 and make a 20% down payment, they are approved for a 30-year mortgage with an

interest rate of 4.25%. their monthly payment is 944.52

Construct the first row of the amortization table for their mortgage.

How much of their first payment goes toward interest?

How much of their first payment goes toward principal?

After making their first payment, what is the remaining balance?

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