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 357th payment is $1,775.56.)
Definitions:
Organ System
A group of organs in a living organism that work together to perform a specific function or set of functions.
Nervous System
A complex network of nerve cells and fibers that transmits nerve impulses between parts of the body, facilitating response to stimuli.
Cardiovascular System
The closed circulatory system of vertebrates that transports oxygen, nutrients, hormones, and other substances, and protects the body against disease; consists of heart and blood vessels.
Intercalated Disks
Specialized structures in cardiac muscles that facilitate the transmission of electrical signals and coordination of contraction.
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