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A 25-year mortgage of $122,137.51 at 8.7% interest compounded monthly has a monthly payment of $1000. After how many months will at least 75% of the monthly payment go toward debt reduction? Starting with month , at least 75% of the payment will go toward the debt reduction.

A 25-year mortgage of $122,137.51 at 8.7% interest compounded monthly has a monthly payment of $1000. After how many months will at least 75% of the monthly payment go toward debt reduction? Starting with month , at least 75% of the payment will go toward the debt reduction.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A 25-year mortgage of $122,137.51 at 8.7% interest compounded monthly has a monthly payment of $1000. After how many months will at least 75% of the monthly payment go toward debt reduction? Starting with month at least 75% of the payment will go toward the debt reduction.
Transcribed Image Text:A 25-year mortgage of $122,137.51 at 8.7% interest compounded monthly has a monthly payment of $1000. After how many months will at least 75% of the monthly payment go toward debt reduction? Starting with month at least 75% of the payment will go toward the debt reduction.
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