Your annual loan rate is 425 the loan is fully amortizing


You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your Month 1 interest payment? Round your answer to 2 decimal places.

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Finance Basics: Your annual loan rate is 425 the loan is fully amortizing
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