Consider a loan of $225,000 at nominal interest rate of 6.5% for 15 years. How much of
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Question:
Consider a loan of $225,000 at nominal interest rate of 6.5% for 15 years. How much of the payment during the first year goes towards interest? Show calculation
Expert Answer:
Solution To calculate the interest paid during the first year of a loan we can use the following for... View the full answer
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