Question: Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount

Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount of $90,000. What percentage of the third payment is principal? What percentage of the final payment is principal? What do these differences imply? (Hint: The balance after the 357th payment is $1,775.56.)

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