Portion of the payments, Consider a standard mortgage (360 months) with monthly payments, Finance Basics

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Portion of the payments

Problem:

Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.70%.

Required:

Question: What portion of the payments during the first 33 months goes toward principal?

13.98%
15.03%
14.19%
14.75%
14.12%

Note: Explain all steps comprehensively.

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Finance Basics: Portion of the payments

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Finance Basics: Portion of the payments

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