Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term...
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Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%. In month 3 of the mortgage, how much of the monthly mortgage payment does the principal repayment portion consist of? Suppose you have taken out a $175,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%. In month 3 of the mortgage, how much of the monthly mortgage payment does the principal repayment portion consist of?
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To calculate the principal repayment portion of a mortgage payment we need to use the formula Principal repayment portion Monthly payment Interest por... View the full answer
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date:
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