Assume you’ve recently purchased a home for $129,000 and you will be making monthly payments on the mortgage. If the mortgage is for 30 years at an interest rate of 5%, what will be the monthly payment? For the first monthly payment, how much will go towards interest payment and how much will go towards repayment of the principal?

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Solution To calculate the monthly payment on a 30year mortgage of 129000 at an interest rate of 5 we ... View the full answer