Question
Norm and Mary are paying off a mortgage of $145,000 for 30 years at a fixed rate of 8.75 percent. Their monthly payment amount is
Norm and Mary are paying off a mortgage of $145,000 for 30 years at a fixed rate of 8.75 percent. Their monthly payment amount is $1,140.72. What is the total principal paid in the first 5 months?
Please show the work including the formula used (:
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Introductory Course On Financial Mathematics
Authors: M V Tretyakov
1st Edition
1908977388, 978-1908977380
