You make monthly payments on your mortgage. It has a quoted APR of 8 % (semi-annual...
You make monthly payments on your mortgage. It has a quoted APR of
8 %
(semi-annual compounding). What percentage of the outstanding principal do you pay in interest each month?
Homework Answers
Interest paid each month as % of Outstanding principal=rate
compounded monthly/12=((1+8%/2)^(2/12)-1)*12/12=0.66%
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