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You take a 25-year, $300,000 mortgage with monthly payments and an APR of 2.7% (with monthly compounding). What is the monthly payment on this mortgage?
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You take a 25-year, $300,000 mortgage with monthly payments and an APR of 2.7% (with monthly compounding).
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What is the monthly payment on this mortgage?
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After 60 months of payments, how much do you still owe on your mortgage?
(Answer without using the mortgage amortization schedule.)
-
How much of your 61st payment is interest, and how much is repayment of
principal?
You take a 25-year, $300,000 mortgage with monthly payments and an APR of 2.7% (with monthly compounding).
-
What is the monthly payment on this mortgage?
-
After 60 months of payments, how much do you still owe on your mortgage?
(Answer without using the mortgage amortization schedule.)
-
How much of your 61st payment is interest, and how much is repayment of
principal?
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