Question: Installment Notes ABC bank loans $ 2 8 0 , 0 0 0 to Yossarian to purchase a new home. Yossarian will repay the note

Installment Notes ABC bank loans $280,000 to Yossarian to purchase a new home. Yossarian will repay the note in equal monthly payments over a period of 30 years. The interest rate is 11%. Required: If the monthly payment is $2,880.11, how much of the first payment is interest expense and how much is principal repayment?

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