Mortgage amortization-standard mortgage rates

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Reference no: EM1333532

Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.70%. What portion of the payments during the first 31 months goes toward interest?

a. 79.39%
b. 80.48%
c. 82.86%
d. 84.08%
e. 85.83%

Reference no: EM1333532

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