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Assume that you have taken out a 3 0 - year mortgage for $ 2 7 5 . 0 0 0 with a nominal annual

Assume that you have taken out a 30-year mortgage for $275.000 with a nominal annual interest rate 4.08 percent (monthly compounding). Also assume that each month you make exactly your required monthly payment. Determine what percentage the payments you make in Year 22(months 253 through 264) will go towards the repayment of principal.

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