Question: SOLVE FOR 8 Problem #7 A borrower takes-out a fully amortizing loan in the amount of $100,000 for a tem of 30 years at 6%

SOLVE FOR 8 Problem #7 A borrower takes-out a fully amortizing loan SOLVE FOR 8

Problem #7 A borrower takes-out a fully amortizing loan in the amount of $100,000 for a tem of 30 years at 6% interest, compounded monthly. What portion of the borrower's first mortgage payment will be interest? What portion will be principal? Problem #8 Refer to Problem #7 above. What portion of the borrower's fifth mortgage payment will be interest? What portion will be principal

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