Construct an Amortization Schedule for the First Three Months and the Final

question 43

Essay

Construct an amortization schedule for the first three months and the final three months of payments for a 30-year,7 percent mortgage in the amount of $90,000. What percentage of the third payment is principal?
What percentage of the final payment is principal?
What do these differences imply?
(Hint:
The balance after the 357^th payment is $1,775.56.)

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Definitions:

Community Colleges

Educational institutions that provide two-year academic and vocational programs, often serving as a more accessible and affordable option for higher education.

Immediate Repair

The quick correction of a mistake or misunderstanding in conversation, usually by the person who made the error.

Latent Function

Unintended, unrecognized consequences of actions that help a social system maintain equilibrium.

Educational Institutions

Places where educational services are provided, ranging from schools and colleges to universities, involved in imparting knowledge, skills, and academic qualifications.