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You borrowed $200,000 exactly 2 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly (end-of-quarter)
You borrowed $200,000 exactly 2 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly (end-of-quarter) payments of $4,249.76.
The loan is amortized over 25 years. How much principal have you paid over the first 2 years?
How much principal have you paid over the first 2 years?
If possible can you show the formula?
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