Question
A homeowner just obtained a 30-year (360-month) mortgage for $120,000. The mortgage has a fixed nominal annual rate of 8%, with monthly payments. What percentage
A homeowner just obtained a 30-year (360-month) mortgage for $120,000. The mortgage has a fixed nominal annual rate of 8%, with monthly payments. What percentage of the total payments made during the first 3 months will go toward payment of interest?
| a. | 94.81% |
| b. | 90.79% |
| c. | 86.79% |
| d. | 88.54% |
| e. | 91.70% |
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Writing About Finance And Business
Authors: Alexandrea Geddes
First Canadian Edition
1927023866, 978-1927023860
