A $50,000 30-year home loan can be obtained at 9% compound intrest. For simplicity assume that compounding is annual, and payments are made annually in a uniform series. Fill in the table below. Do not worry about years beyond Year. At the End of Year 1, what percentage of the total payment is made on the principal? On the intrest?
End of Year | Total Payment | Interest Payment | Principal Payment | Principal Outstanding |
0 |
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1 |
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2 |
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