Tia borrowed $180.000 at 8.36% for 30 years(360 payments). Her monthly payment (excluding insurance and taxes) is $1366.22.
A) how much of the first payment is interest and how much is applied to reduce the principal?
B) If Tia pay the entire 360 payments, how much interest will be paid on the loan?
C) Determine the new principal after the first payment Use that new principal to determine how much the second payment is interest and how much is applied to reduce the principal?
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