Principal balance on the loan at end of that first month

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Reference no: EM13850771

A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 5% and monthly payments.

What portion of the first month’s payment would be applied to amortization of the principal?

What would be the principal balance on the loan at the end of that first month?

Reference no: EM13850771

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