You have just borrowed $250,000 from First Source Bank to pu…
You have just borrowed $250,000 from First Source Bank to purchase your new home. You took out a 30-year mortgage and the Annual Percentage Rate (APR) on the loan is 12% per year, compounded monthly. Your monthly payment is $2,571.53 and your first payment must be made one month from today. How much of your 360th payment (your last payment) is interest?