How much of the payment by the tenth year

Reference no: EM13263565

Assume a 20 -year mortgage loan of $ 100000 and an interest rate (APR) of 12%. What is the amount of the monthly payment? How much of the fisrt month's pament goes to reduce the size of the mortgage. How much of the payment by the tenth year? explain why the figure changes? if the interest rate doubles, would you expect the motrgage payment to double?

Reference no: EM13263565

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