You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate of 4.5%. The first mortgage payment is due exactly one month after you signed the contract. For the first month, the interest portion from your mortgage payment is _____________.
You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate of 4.5%. The first mortgage payment is due exactly one month after you signed the contract. For the first month, the interest portion from your mortgage payment is _____________.
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate of 4.5%. The first mortgage payment is due exactly one month after you signed the contract.
For the first month, the interest portion from your mortgage payment is _____________.
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