Ann obtains a fully amortizing 30 year fixed rate mortgage with monthly payments totaling $800,000 at 4.25%. What percent of Ann's 20th payment goes to principal?
Ann obtains a fully amortizing 30 year fixed rate mortgage with monthly payments totaling $800,000 at 4.25%. What percent of Ann's 20th payment goes to principal?
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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Transcribed Image Text:Ann obtains a fully amortizing 30 year
fixed rate mortgage with monthly
payments totaling $800,000 at 4.25%.
What percent of Ann's 20th payment
goes to principal?
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