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Your family recently bought a house. You have a $100,000, 30-year mortgage with a 7.2% nominal annual interest rate. Interest is compounded monthly, and all
Your family recently bought a house. You have a $100,000, 30-year mortgage with a 7.2% nominal annual interest rate. Interest is compounded monthly, and all payments are made at the end of the month. What is the monthly payment on the mortgage? What percentage of the total payments during the first three years is going towards the principal?
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