Solution-How much interest is paid the first month

How much interest is paid the first month

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Reference no: EM131041909

Consider a $48,668, 31 year mortgage at interest rate 12% compounded monthly with a $499 monthly payment.

a) How much interest is paid the first month?

b) How much of the first month's payment is applied to paying off the principal?

c) What is the unpaid balance after 1 month?

d) What is the unpaid balance at the end of 25 years?

e) How much of the principal is repaid during the 26th year?

f) How much interest is paid during the 301st month?

Reference no: EM131041909

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How much interest is paid the first month

Reference no: EM131041909

Reference no: EM131041909

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