How much of the first loan payment is interest

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Reference no: EM132059536

You just acquired a mortgage in the amount of $249,500 at 7.25 percent interest, compounded semi-annualy. Equal payments are to be made every 6 months for 30 years.

1) How much of the first loan payment is interest?

2) How much of the first loan payment is principal repayment?

Reference no: EM132059536

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