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.Q. You purchase a home for $275,000 with a 10% down payment. You take out a...

.Q. You purchase a home for $275,000 with a 10% down payment. You take out a 30-year mortgage loan at 4.35% interest. What is your monthly principal and interest payment? Round to the nearest 0.01.

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Answer #1

As it is an amortizing loan, each month's Principal and Interest payment differs. While Interest component in the monthly payment decreases, the principal component increases.

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