You take out a 15-year 180 payment mortgage for 400000 at a, Ask an Expert

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You take out a 15-year (180 payment) mortgage for $400,000 at a nominal annual interest rate of 3.84 percent (compounded monthly). Determine the percentage of your total payments made over the third and fourth year (Months 25-48) that will go towards the payment of interest expense (i.e., total interest divided by total payments for Months 25-48).

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Financial Management, Finance

Category:- Financial Management
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