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What is the monthly payment

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Question - Sam takes a 30-year mortgage loan of $200,000 at the rate of 6%, amortized with monthly payment.

What is the monthly payment?

How much of the first month's payment goes to cover the interest and how much goes to repay the principal.

What is the balance of this loan at the end of the first month (after the first payment)?

After 5 months (5 payments), what is the total amount Sam pays to the bank?

Reference no: EM133129135

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