You have just taken out a 30-year mortgage for $250,000 and your monthly paymentsare $1,580.

You have just taken out a 30-year mortgage for $250,000 and your monthly paymentsare $1,580.17. Determine what the nominal/quoted/stated annual rate is on thismortgage and what percentage of the first twelve monthly payments ($18,962.04) goestowards interest. (It may be easiest to set you calculator to 12 payments per year, butremember to set it back to 1 payment per year after you are done with this problem.) 

Solution :PeriodPresent ValuePmt $$ Nominal/quoted/stated annualrate 360250,0001,580.17 6.5% Percentage of the first twelvemonthly payments goes towardsinterest 85.26%ScheduleInterest…

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