Built2Last
New member
Assume that you borrowed 300,000 from Cape Bank to purchase a house and agreed to pay the loan in monthly installments over next 30 years (total 360 payments). The mortgage rate is 8% compounded daily and you make payments each month starting end of first month from the date you borrow the money. Assume 360 days per year and use at least four decimal places in all calculations (for example 1.2345% or $1.2345). The amount of principal paid in your 125th payment is: