A family borrowed $60,000 to buy a house. The loan was at 6.6% and for 25 years. The monthly payments were $408.88 each.
How much of the first month's payment was interest, and how much was principal?

Question

17-06-2024
Business

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A family borrowed $60,000 to buy a house. The loan was at 6.6% and for 25 years. The monthly payments were $408.88 each.
How much of the first month's payment was interest, and how much was principal?

Sagot :

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