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The Taylor family has a $ 2 5 0 , 0 0 0 mortgage. The mortgage is for 1 5 years, and has a nominal

The Taylor family has a $

250, 000

mortgage. The mortgage is for

15

years, and has a nominal rate of

8

percent. Mortgage payments are due at the end of each month. What percentage of the monthly payments during the fifth year goes towards repayment of principal?

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