You have taken a mortgage to buy a warehouse the mortgage, Ask an Expert

Economics

You have taken a mortgage to buy a warehouse. The mortgage amount is $450,000 and you have the following loan terms: 8% APR compounded semiannually, monthly payments, and an amortization period of 6 years. After two years you’re curious how much each of your payments are contributing to paying down the loan. For the 24th payment, calculate how much of the payment goes to principal and how much is paid in interest.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91727074

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