You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term with monthly payments

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answerhappygod
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You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term with monthly payments

Post by answerhappygod »

You have just purchased a home and taken out a $500,000
mortgage. The mortgage has a 30-year term with monthly payments and
an APR of 6%.


How much will you pay in interest, and how much will
you pay in principal, during the first year?
How much will you pay in interest, and how much will
you pay in principal, during the 20th year (i.e., between 19 and 20
years from now)?
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