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You purchase a cottage for $190,000

/in /by

Question

You purchase a cottage for $190,000. You

obtain a 30-year, fixed rate mortgage loan at 12.5% after paying a down payment of 30%. Of the second month’s mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.)

interest    $ 

applied to the principal    $

 
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