Question

You decide to borrow $28,000 to put in a new swimming pool. You obtain an interest-bearing loan for 30 years, making equal monthly payments. After how many years will the greatest amount of your payment be going toward principal?

a. 5 years
b. 29 years
c. 1 year
d. 25 years
clearly, toward the end of the loan.
In the beginning, most of each payment is interest.

Related Questions

The Green family has saved some money. They can spend it on a cruise or use it build a swimming poo... Bao is designing a rectangular swimming pool in her backyard in the area of the swimming pool will b... Bao is designing a rectangular swimming pool in her backyard. The area of the swimming pool will be... Bao is designing a rectangular swimming pool in her backyard. The area of the swimming pool will be...