Question: Please help me solve the following using a financial calculator: 1) Consider a $100,000, 30-year, 5.4% mortgage with monthly payments. What portion of the payments
Please help me solve the following using a financial calculator:
1)
Consider a $100,000, 30-year, 5.4% mortgage with monthly payments. What portion of the payments during the first 25 months goes toward principal?
20.17%
21.25%
22.78%
22.41%
20.98%
2)
Consider a $100,000, 30-year, 6.9% mortgage with monthly payments. What portion of the payments during the first 31 months goes toward interest?
82.91%
93.71%
86.15%
80.72%
90.37%
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