How much interest is paid in month thirteen, Microeconomics

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How much interest is paid in month thirteen

Problem

A $78,000 mortgage has a 30-year term and a 9% nominal interest rate.

(a) What is the monthly payment?

(b) After the first year of payments, what is the outstanding balance?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: How much interest is paid in month thirteen

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