Question: A $78,000 mortgage has a 30-year term and a 9% nominal interest rate. (a) What is the monthly payment? (b) After the first year of

A $78,000 mortgage has a 30-year term and a 9% nominal interest rate.

(a) What is the monthly payment?

(b) After the first year of payments, what is the outstanding balance?

(c) How much interest is paid in month 13? How much principal?

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