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7 April, 07:30

Kate and ashton have been approved for a $200,000 15-year mortgage with apr of 5.5%. How much is thier first monthly payment will go to interest

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  1. 7 April, 11:08
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    916.60 will go to interest the first month.

    The monthly interest rate is found by calculating

    (5.5/100) / 12 = 0.004583

    Multiplying this by the amount of principal, we have

    200000*0.004583 = 916.60
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