Question: You borrowed $ 3 0 0 , 0 0 0 through a 3 0 - year mortgage loan from a local bank to purchase the

You borrowed $300,000 through a 30-year mortgage loan from a local bank to purchase the house. The interest rate (APR) on this mortgage is 7% per year. You need to make monthly payments. What is the payment towards the principal of the mortgage (principal paid) in the first month?

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