you just took out a $500,000, 20-year mortgage from CIBC. ASSume your effective monthly rate of interest is 0.5% and your monthly payments are $3582.16.
(a) How much of your first monthly payment goes toward principal repayment?
(b) how much of your 50th monthly payment goes toward interest?
Principal in first payment is $1,082.16
Interest in 50th payment is $2,200.41
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