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Home Mortgage Amortization

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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?

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Solution Summary

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

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

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