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Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Marcel Thiessen purchased a home for $206,900 and obtained a 15-year, fixed-rate mortgage at 9% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the
principal? (Round your answer to the nearest cent.)
interest
applied to the principal
Transcribed Image Text:Marcel Thiessen purchased a home for $206,900 and obtained a 15-year, fixed-rate mortgage at 9% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.) interest applied to the principal
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