Explore BrainMass

Explore BrainMass

    Home Mortgage Amortization

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    A homeowner just obtained a 30 - year amortized mortgage loan for $150,000 at a nominal annual rate of 6.5%, with monthly payments.

    What percentage of the total payments made during the first 3 months will go toward payment of interest?

    © BrainMass Inc. brainmass.com December 24, 2021, 8:52 pm ad1c9bdddf
    https://brainmass.com/business/finance/home-mortgage-amortization-321050

    Solution Preview

    As the attached Excel 97-2003 spreadsheet shows, 85.62 percent ...

    Solution Summary

    The solution discusses what percentage of the total payments made during the first 3 months will go toward payment of interest.

    $2.49

    ADVERTISEMENT