You make monthly payments on your mortgage. It has a quoted APR of
8 %
(semi-annual compounding). What percentage of the outstanding principal do you pay in interest each month?
Interest paid each month as % of Outstanding principal=rate
compounded monthly/12=((1+8%/2)^(2/12)-1)*12/12=0.66%
You make monthly payments on your mortgage. It has a quoted APR of 8 % (semi-annual...
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3. Interest Rates You have just purchased a home and taken out a $460,000 mortgage. The mortgage has a 30-year term with monthly payments and an APR of 6.08%. a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. 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)? 6. Bond Valuation...
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