Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.7 The Cost of Home Ownership - Exercise Set 8.7: 18

Answer

A loan amortization schedule is a document showing how each monthly installment payment is split between interest and principal.

Work Step by Step

A loan amortization schedule is a document showing how each monthly installment payment is split between interest and principal. In each successive payment, the interest portion decreases and the principal portion increases.
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