What initial principal will be repaid, Microeconomics

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What initial principal will be repaid

Problem

Assume mortgage payments of $1000 per month for 30 years and an interest rate of 1% per month. What initial principal will these figures repay? (That is, find the PW.) If annual payments of $12,000 are assumed with an interest rate of 12.68% per year, what initial principal will be repaid? Why do these differ?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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