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 15 years. Assume monthly payments and a nominal rate monthly compounding) of 3% What percentage of the first 25 payments goes toward paying interest? Approximately 42% Approximately 66% Approximately 58 Approximately 34% Approximately 256 Next

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