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Jesse took out a 30-year loan for $85,000 at 7.2% interest, compounded monthly. If his monthly payme...
4 months ago
Q:
Jesse took out a 30-year loan for $85,000 at 7.2% interest, compounded monthly. If his monthly payment on the loan is $576.97, how much of his first payment went toward note reduction(reducing principal)? Show your work.
Accepted Solution
A:
the correct answer for this question is 66.97