Calculating interest and principal portions of first payment

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A buyer has just purchased a home for $250,000. The buyer made a 20% down-payment and secured a note for the remainder at an interest rate of 7 percent for 25 years. Calculate the principal balance at the end of the first month by calculating the interest and principal portions of the first payment. A. Monthly Payment = _______________ Distribution of first payment: B. Amount toward principal = _______________ C. Amount toward interest = _______________ D. Principal balance after one payment =

Reference no: EM131052610

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