Share
Explore BrainMass

Mortgage Amortization: Standard Mortgage Rates

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%

Solution Summary

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

$2.19