Standard mortgage with monthly payments and nominal rate

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Reference no: EM131844808

1. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.60%. What portion of the payments during the first 27 months goes toward interest?

83.82%

83.27%

80.11%

76.48%

87.31%

2. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.00%. What portion of the payments during the first 34 months goes toward interest?

75.00%

76.00%

73.99%

80.59%

70.70%

Reference no: EM131844808

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