You bought your house 5 years ago with a 30-year mortgage, Ask an Expert

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You bought your house 5 years ago with a 30-year mortgage of 380,000, which is an amortized loan. The APR of the mortgage is 5%, compounding monthly.

How much is the monthly payment in the first month in the 6th year from now?

How much is the principal deduction for that month?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92338481

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