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A homeowner just obtained a $90,000 mortgage. The mortgage is for 30 years (360 months) and has a fixed nominal annual rate of 9%, with
A homeowner just obtained a $90,000 mortgage. The mortgage is for 30 years (360 months) and has a fixed nominal annual rate of 9%, with monthly payments. What percentage of the total payments made the first two years will go toward payment of interest? a. 89.30% b. 91.70% c. 92.59% d. 93.65% e. 94.76%
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