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Find percentage of the total payments

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You have just negotiated a home mortgage with a principal of ?$500,000. The? bank's quoted rate is 8.5?%. You chose a 30?-year amortization and you decide to make 26 payments per year. Each mortgage payment is ?$1,747.21. How much interest do you pay in the first? year? Express the answer as a percentage of the total value of your mortgage payments in the first year.

What is the interest as a percentage of the total payments in year 1?

Reference no: EM132715687

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