Marisol took out a fully amortizing 30 year mortgage with the initial balance of $5086 and monthly payments. This mortgage has a fixed interest rate at 4%. What percentage of her first payment is attributable to interest? ( Write the answer as a percent. So if your answer is 2.5%, it should be written as 2.5, not as 0.025)

Marisol took out a fully amortizing 30 year mortgage with the initial balance of $5086 and monthly payments. This mortgage has a fixed interest rate at 4%. What percentage of her first payment is attributable to interest? ( Write the answer as a percent. So if your answer is 2.5%, it should be written as 2.5, not as 0.025)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 19DQ

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