Rashida purchases a house for $280,000 and takes a mortgage for the full amount. Her mortgage charges 8% per year and interest is compounded monthly. She will repay the loan over 20 years with equal monthly payments. How much of the 1st payment would be applied toward interest and how much of the 1st payment would be principal? Click here to access the TVM Factor Table calculator. Interest - $ Principal - $ Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is ±2.

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