Fidelio has purchased a condominium for $39,750, of which 80% is to be financed by a mortgage. Monthly payments on this mortgage are $395.80, and the interest rate is 14.3%. How much of this monthly payment goes to interest and how much to principal in the first six months the mortgage is in effect?
Fidelio has purchased a condominium for $39,750, of which 80% is to be financed by a mortgage. Monthly payments on this mortgage are $395.80, and the interest rate is 14.3%. How much of this monthly payment goes to interest and how much to principal in the first six months the mortgage is in effect?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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