Show the amount paid toward the principal of the debt

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Reference no: EM131785250

Question: A debt of $100,000 is amortized at 6%, compounded monthly, over 25 years with 300 monthly payments of $644.30 each. Figure 6.12 includes two graphs: one shows the total amount paid (in monthly payments) as a function of time (in months), and the other shows the amount paid toward the principal of the debt as a function of time. Use this figure to complete Problem.

Draw a vertical segment whose length represents the outstanding principal of the debt (or the payoff amount of the loan) after 150 months.

Reference no: EM131785250

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