Sue Gable obtained a mortgage loan for $189,600.00 at 7 percent for 25 years. Her monthly payment is $1,340.47. How much of the first payment is for principal?
Please show the work and give me the answer. Thanks
interest for 1st pymt = 189600(0.07/12)
interest for 1st pymt = $1,106
Principal = 1340.47 - 1106.00
Principal = 234.47
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