What is the interest include in fiftieth payment of mortgage


Problem

Kimora has a mortgage of $408,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,576.55 with an interest rate of 5.11% compounded monthly over 22 years. What is the interest included in the 50th payment of the mortgage?

Request for Solution File

Ask an Expert for Answer!!
Corporate Finance: What is the interest include in fiftieth payment of mortgage
Reference No:- TGS03258381

Expected delivery within 24 Hours