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After 10 years, you have made 1/3 of the payments. Why isn't 1/3 of the loan balance paid off?

After 10 years, you have made 1/3 of the payments. Why isn't 1/3 of the loan balance paid off?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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For Problems 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest. 22. After 10 years, you have made 1/3 of the payments. loan balance paid off? Why isn't 1/3 of the
Transcribed Image Text:For Problems 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest. 22. After 10 years, you have made 1/3 of the payments. loan balance paid off? Why isn't 1/3 of the
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