The reasoning for the steps taken as well

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Without the use of excel, can you please include the reasoning for the steps taken as well?

You borrowed $400,000 to purchase home. Annual coupon rate on mortgage is 9% and payments are made monthly. The maturity of teh mortgage is 30 years. Determine annual interest payment and total principal payment for the 13th year of mortgage.

Reference no: EM131873384

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