I borrowed $1000 today at the beginning of the month and will also borrow $1000 at the

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I borrowed $1000 today at the beginning of the month and will also borrow $1000 at the start of the next 2 months amortized over a 1 year period. The quoted mortgage rate is 6% that compounds quarterly. Mortgage payments will be made monthly and the very 1^st payment will only be made 6 months later. What fraction of the 6^th payment goes to pay down the principle only?

Posted Date: May 19, 2024 02:06 AM

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I borrowed $1000 today at the beginning of the month and will also borrow $1000 at the

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