You will be paying off a mortgage of $100,000 over the next 25 years. You have signed a loan agreement with the Toronto Dominion Bank to secure a rate of 15.4%, however you are planning to re-negotiate the loan at the end of 10 years:

1) How much will your payments be over the first 10 years?
2) What is the amount of principal that you paid off with the first payment?
3) How much principal remains to be paid after the first year?
4) How much will remain to be paid off after you've made your final payment in the 10th year?

Answer rating: 100% (QA)

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