Having trouble learning how to solve these types of problems with a financial calculator.
Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.50%. What portion of the payments during the first 25 months goes toward principal? a. 21.29% b. 18.52% c. 20.38% d. 21.66% e. 20.74%
What is the remaining balance on a $325,000.00 mortgage after 115 months? The mortgage is a a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.30%. a. $276,945 b. $300,156 c. $282,074 d. $285,432 e. $273,279