What portion of total payments made during the fourth year

Reference no: EM13273884

You recently obtained a $135,000, 30-year mortgage with a nominal interest rate of 7.25%. Assume that payments are made a the end of each month. what portion of the total payments made during the fourth year will go towards the repayment of principal?

a. 9.70%
b.15.86%
c.13.75%
d.12.85%
e.14.69%

Reference no: EM13273884

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