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(Solved): Consider a $66,717,30-year mortgage at interest rate 6% compounded monthly with a $400 monthly pay ...



Consider a \( \$ 66,717,30 \)-year mortgage at interest rate \( 6 \% \) compounded monthly with a \( \$ 400 \) monthly paymen

Consider a -year mortgage at interest rate compounded monthly with a monthly payment. (a) How much interest is paid the first month? (b) How much of the first month's payment is applied to paying off the principal? (c) What is the unpaid balance at the end of 1 month? (a) The interest paid the first month is (Round to the nearest cent as needed.)


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Given thatInterest rate = 6%Monthly payment = 400$Total payments =66717$Duration= 30 yearSo to find interest in first monthWe have to convert 30 year
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