How long does it take to repay one-half of the principal on a $70,000, 7 percent, 15 year mortgage loan?

Name: How long does it take to repay one-half of the principal on a $70,000, 7 percent, 15 year mortgage loan?
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Question

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To find the time it takes to repay one-half of the principal, we need to calculate the amortization schedule of the loan. For a $70,000 loan at 7% interest over 15 years, it takes approximately 112 months to pay off half of the principal.

How Long Does It Take to Repay One-Half of the Principal