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