Question: Consider a $ 6 0 0 , 0 0 0 fixed rate mortgage with a 7 % interest rate, but instead the term is 1

Consider a $600,000 fixed rate mortgage with a 7% interest rate, but instead the term is 15 yrs.
a. What is the monthly payment on thls loan?
b. In the first month, how much principal is paid down and how much is paid in interest (in dollar terme)?
c. In what month do principal payments first exceed interest payments?
fo. What is the remaining prihcipal balance after the 100th payment?
Consider a $600,000 fixed rate mortgage with a 7% interest rate,

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