Percentage of the total payments


Question:

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?

Solution Preview :

Prepared by a verified Expert
Finance Basics: Percentage of the total payments
Reference No:- TGS02075095

Now Priced at $20 (50% Discount)

Recommended (93%)

Rated (4.5/5)