Posted by Anonymous on Monday, August 9, 2010 at 4:28pm.
You have purchased a house and have obtained a 30year, $ 200,000 mortgage with an interest rate of 10%. What is your annual payment? Assuming you bought the house on January 1, what is the principal after one year? ten years?

finance  Writeacher, Monday, August 9, 2010 at 4:57pm
10%??? Holy smoke! I'd be shopping around for a different lender!
http://www.interest.com/

finance  Reiny, Monday, August 9, 2010 at 5:11pm
That is the problem with old textbooks.
Secondly, who pays annual mortgage payments?
anyway ...
200000= payment(1  1.1^10)/.1
solve for "payment"
For principal after one year
= 200000(1.1)  (payment)
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