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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%

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    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.

    $2.19

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