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You recently obtained a $135,000, 30-year mortgage with a nominal interest rate of 7.25%. Assume that payments are made at the end of each month.
You recently obtained a $135,000, 30-year mortgage with a nominal interest rate of 7.25%. Assume that payments are made at the end of each month. What portion of the total payments made during the fourth year will go towards the repayment of principal?
9.70%
15.86%
13.75%
12.85%
14.69%
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