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Mathematics 13 Online
OpenStudy (anonymous):

You want to take out a mortgage loan of $100,000 to finance purchase of a home. Bank A offers a rate of 2% / year, with semi-annual compounding.The amortization period of the loan is 20 years, and loan repayments are made monthly. On the 60th payment, how much of the payment is interest paid, and how much is principal paid?

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