Answered: Tom creates a 30-year mortgage of…

Tom creates a 30-year mortgage of $150,000 with APR 5.6%, monthly paid. What is the percentage he pays for principal in the first month. Group of answer choices 86.68% 82.29% 13.32% 18.71

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter7: Types And Costs Of Financial Capital

Section: Chapter Questions

Problem 8EP

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Question

Tom creates a 30-year mortgage of $150,000 with APR 5.6%, monthly paid.

What is the percentage he pays for principal in the first month.

Group of answer choices

86.68%

82.29%

13.32%

18.71

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