Question
Bennett took out a $608,000, 30-year mortgage at 4 percent APR. The loan requires equal monthly payments, with the first payment due in one month.
Bennett took out a $608,000, 30-year mortgage at 4 percent APR. The loan requires equal monthly payments, with the first payment due in one month. How much of the fifth payment applies to the principal balance?
Responses
$887.76
$963.31
$931.24
$919.83
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Reforming The Governance Of The Financial Sector
Authors: David Mayes , Geoffrey Wood
1st Edition
0415686849, 978-0415686846
