A family obtains a 600000 house loan for 30 years at 5.7% interest compounded mo

Question

A family obtains a 600000 house loan for 30 years at 5.7% interest compounded monthly. What is the unpaid balance after 10 years of payments, 20 years and 25 years of payments. How much of the first payment in the 21st year goes toward principle and how much towards interest?

Explanation / Answer

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