What is the first month, The interest rate is 6% / year

What is the first month

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Q1. Jessie takes out a $550,000 30-year fixed rate mortgage to purchase a home. The interest rate is 6% / year compounded monthly. What is the first month for which the interest portion of the payment is less than one third of the payment?

Q2. Jessie takes out a $550,000 30-year fixed rate mortgage to purchase a home. The interest rate is 6% / year compounded monthly. How many months does it take Juan to pay off 25% of the principal?

Reference no: EM132726279

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