Use an amortization schedule. A 15-year $100,000 mortgage has a fixed mortgage rate of 9 percent. In the first month, the total mortgage payment is $____, and $____ of this amount representspayment of interest.

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The monthly payment for a 15-year $100,000 mortgage at a 9% annual interest rate is approximately $1,014. In the first month, the interest portion is calculated as 9% annual interest divided by 12 months, applied to the principal, which is $750.

Use an Amortization Schedule