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How much of payment goes to paying interest

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Reference no: EM133007412

Your brother Mr Uji Moto has decided to purchase a house in Lavington estate and take out a 30-year mortgage. The mortgage amount is Kenya shillings 30 million. The bank charges interest at 8% per annum.

Problem 1: What is the annual payment required by this mortgage?

Problem 2: How much of payment goes to paying interest and how much reducing the principal balance in year 1?

Reference no: EM133007412

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