Question: Suppose you take out a $ 2 8 9 , 5 0 0 mortgage for 3 0 years at 3 . 1 % interest. (

Suppose you take out a $289,500 mortgage for 30 years at 3.1% interest.
(a) Find the monthly payment on this mortgage. $
(b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar.
Payment Number Interest Payment Principal Payment Balance of Loan
1 $
$
$
2 $
$
$

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