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Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of
Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%. In month 3 of the mortgage, how much of the monthly mortgage payment does the principal repayment portion consist of?
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To calculate the principal repayment portion of a mortgage payment we need to use the formula Principal repayment portion Monthly payment Interest por...
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
