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A LOT OF POINTS!! Suppose you borrow $40,000 at 13% APR for a 12-year term to be paid monthly. Your monthly payment is $450.00. How much of your first payment goes toward intere…

A LOT OF POINTS!! Suppose you borrow $40,000 at 13% APR for a 12-year term to be paid monthly. Your monthly payment is $450.00. How much of your first payment goes toward intere…
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A LOT OF POINTS!!

Suppose you borrow $40,000 at 13% APR for a 12-year term to be paid monthly. Your monthly payment is $450.00.

How much of your first payment goes toward interest?

Make sure you show your work to earn full credit.

asked
User KiraMichiru
by
8.3k points

1 Answer

0 votes

Answer:

You get $45,200 first with interest with the 5400 you made in 1 year that dedeucts

Explanation:

answered
User Shas
by
7.4k points
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