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You buy your first condo for $460,000 paying cash 45,000 as a down payment, the rest will be a 15 year mortgage at a 3%
You buy your first condo for $460,000 paying cash 45,000 as a down payment, the rest will be a 15 year mortgage at a 3% nominal interest rate. a)What will your first year annual payment be? b)How much of this first payment will be interest and how much principal? c)Would the part paid as repayment of principal increase or decrease over the years of the mortgage, why?
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