The Dead Flowers Mortgage Company is offering a 30 year home mortgage at a 4.56% interest rate compounded monthly. If you borrwed $184,500 from Dead Flowers and are required to make monthly payment, how much of your first monthly payment will go toward the principal of the loan? 

Answer rating: 100% (QA)

Calculating the exact amount going towards the principal in the first month for a fixedrate mortgage with monthly compounding requires a formula Heres ... View the full answer