Question: Answer all questions and show all work, if applicable. Partial credit will not be provided without work, if work can be shown. What will be

Answer all questions and show all work, if applicable. Partial credit will not be provided without work, if work can be shown.

What will be the monthly payment if you borrow a $100,000 15-year mortgage at an interest rate of 1% per month? How much of the first monthly payment is interest? In the first month, how much is principal amortization?

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