Reducing the interest due on a loan

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Reference no: EM1366884

When a person gets a mortgage on their home, they usually also get an amortization schedule showing (for a 30 year mortgage) each of 360 payments listed with value of principle being paid and rate of interest. The surprise to the homeowner is usually how small an amount of principle is being paid. Why is more interest paid at the beginning of a loan period than at the end of the loan period? What would be one way of reducing the interest due on a loan over the term of the loan?

Reference no: EM1366884

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