Calculate the principal paid in your first loan payment if you borrowed $50,000, amortized over 9 years

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Calculate the principal paid in your first loan payment if you borrowed $50,000, amortized over 9 years with monthly payments and monthly compounding at 4.0% APR.

Is your second month principal payment going to be smaller, larger or equal to the first month payment? Explain your answer.

Posted Date: May 15, 2024 01:31 PM

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Calculate the principal paid in your first loan payment if you borrowed $50,000, amortized over 9 years

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To calculate the principal paid in the first loan payment we need to use the formula for the monthly ... View the full answer

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