# Beth Johnson takes out a 30-year, $575,000 mortgage at 2.99%. Mortgage payments are due at the end of each month,

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## Question:

Beth Johnson takes out a 30-year, $575,000 mortgage at 2.99%. Mortgage payments are due at the end of each month, starting with the first month.

What is the amount of each mortgage payment?

What is the principal paid in the 2nd month?

What is the interest paid in the 2nd month?

**Related Book For**

## Understanding Financial Accounting

ISBN: 978-1118849385

1st Canadian Edition

Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald

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