On june 1 you borrowed 220000 to buy a house the mortgage, Ask an Expert

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On June 1, you borrowed $220,000 to buy a house. The mortgage rate is 4.25% compounded monthly. The loan is to be repaid in equal monthly payments of $1,655.02 over fifteen years. The first payment is due on July 1. How much of this first payment will go to paying down the principal balance?

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