Compute the required monthly payment on a $260,000, 35-year fixed-rate mortgage with a nominal interest rate of 8.80%. U

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Compute the required monthly payment on a $260,000, 35-year fixed-rate mortgage with a nominal interest rate of 8.80%. U

Post by answerhappygod »

Compute the required monthly payment on a $260,000, 35-year
fixed-rate mortgage with a nominal interest rate of 8.80%. Using
table for first three months indicate that: a. How much of the
payment goes toward principal? b. What is the amount that goes
towards interest payment?
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply