Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.20%.
Question:
Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.20%. What portion of the payments during the first 32 months goes toward principal?
a) 16.96%
b) 16.73%
c) 15.86%
d) 15.96%
e) 17.59%
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a 1696 Calculate of Percentage of Portion of Payment Assume that the loan amount is 100000 Create a ...View the full answer
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Related Book For 
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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