Question: After graduating from UCF, you plan to purchase a small condominium for $100,000. You will be required by the bank to put a down payment

After graduating from UCF, you plan to purchase a small condominium

After graduating from UCF, you plan to purchase a small condominium for $100,000. You will be required by the bank to put a down payment of 10% of the purchase price. You plan to finance the loan for 30 years. Assume monthly payments and a nominal rate (monthly compounding) of 3%. What percentage of the first 25 payments goes toward paying principal? 0 Approximately 42% Approximately 58% Approximately 25% Approximately 75% e Approximately 7%

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