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You have a 15 year, 5% fully amortized mortgage. What fraction of the payment in the 9 th payment will represent the interest? (note: the
You have a 15 year, 5% fully amortized mortgage. What fraction of the payment in the 9th payment will represent the interest? (note: the mortgage is quoted as APR compounded monthly)
Please retain at least six places of a decimal in calculations.
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