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You purchase a condominium for $125,000. The bank requires a 20% down payment. You borrow the remainder as a 30-year, 5.4% mortgage with monthly payments.
You purchase a condominium for $125,000. The bank requires a 20% down payment. You borrow the remainder as a 30-year, 5.4% mortgage with monthly payments. What portion of the payments during the first 25 months goes toward principal?
22.78%
22.41%
20.17%
21.25%
20.98%
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