You have been approved for a 80000 loan toward the purchase, Ask an Expert

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You have been approved for a $80,000 loan toward the purchase of a new home at 15% interest. The mortgage is for 30 years.

1. How much are the approximately annual payments of the loan?
Hint: Assume you pay yearly.

2. How much of your first payment will go towards the principal and how much towards the interest in year 1? What about in year 2?

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M9270996

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