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Mortgage Amortization: Standard Mortgage Rates

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Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.70%. What portion of the payments during the first 31 months goes toward interest?

79.39%
80.48%
82.86%
84.08%
85.83%

© BrainMass Inc. brainmass.com September 20, 2018, 8:04 pm ad1c9bdddf - https://brainmass.com/business/interest-rates/mortgage-amortization-standard-mortgage-rates-524991

Solution Summary

Solution depicts the steps to calculate the interest portion of first 31 payments in the given case.

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