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You purchase a home for $253,600.00 with a mortgage rate of 3.75% APR. How much interest is due after your first month?

79.25
600.42 <--
792.50
951.00

If you pay $1,500.00 towards the first month's payment in problem 1, how much is applied towards the principal.

549.00
1,420.75
839.58<--
707.50

1 answer

Question 1 is $792.50

Question 2 is $707.50

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