Question: Suppose Cindy borrows $200,000 today using a 30-year fixed-rate mortgage with a 3.6% quoted interest rate to buy a coop. She will make the first

Suppose Cindy borrows $200,000 today using a 30-year fixed-rate mortgage with a 3.6% quoted interest rate to buy a coop. She will make the first monthly payment one month from today. Her loan balance is $200,000 today.

1) What is her monthly mortgage payment?

2) What will be her loan balance after making the first monthly payment one month from today?

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