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Determine the monthly interest for the given months

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Reference no: EM131518156

Question: For the loan in Problem, determine the monthly interest for the first and second months and the outstanding principal at the end of the first and second months.

Problem: Determine the monthly payment for a thirty-year real estate loan with an annual percentage rate of 8.5% and an initial principal of $200,000. How much interest is paid over the life of the loan?

Reference no: EM131518156

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