You have just negotiated a home mortgage with a principal of $500,000. Thebank's quoted rate is 8.5%.

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You have just negotiated a home mortgage with a principal of $500,000. Thebank's quoted rate is 8.5%. You chose a 30-year amortization and you decide to make 26 payments per year. Each mortgage payment is $1,747.21. How much interest do you pay in the firstyear? Express the answer as a percentage of the total value of your mortgage payments in the first year.

What is the interest as a percentage of the total payments in year 1?

Posted Date: Jun 09, 2024 05:07 PM

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You have just negotiated a home mortgage with a principal of $500,000. Thebank's quoted rate is 8.5%.

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