Find the approximately annual payments of the loan

Reference no: EM1350669

You have been approved for a $80,000 loan toward the purchase of a new home at 15% interest. The mortgage is for 30 years.

1. How much are the approximately annual payments of the loan?
Hint: Assume you pay yearly.

2. How much of your first payment will go towards the principal and how much towards the interest in year 1? What about in year 2?

Reference no: EM1350669

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