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How much interest do you pay in the first? year

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Question - You have just negotiated a home mortgage with a principal of ?$450,000. The? bank's quoted rate is 7.9?%. You chose a 25?-year amortization and you decide to make 24 payments per year. Each mortgage payment is ?$1,700.14. How much interest do you pay in the first? year? Express your answer as a percentage of the total value of your mortgage payments in the first year. Compute the interest as a percentage of the total payments in year 1?

Reference no: EM132771555

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