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Harry took out a 25-year loan for $160,000 at 9.6% interest, compounded monthly. If his monthly paym...
4 months ago
Q:
Harry took out a 25-year loan for $160,000 at 9.6% interest, compounded monthly. If his monthly payment on the loan is $1409.05, how much of his first payment went toward note reduction?
Accepted Solution
A:
Answer on Apex=$129.05