What portion of payments during first goes toward interest

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a) Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.80%. What portion of the payments during the first 31 months goes toward principal?

b) What is the remaining balance on a $225,000.00 mortgage after 95 months? The mortgage is a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.90%.

c) 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 30 months goes toward interest?

d) Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.70%. What portion of the payments during the first 29 months goes toward principal?

Reference no: EM131543620

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