You have a 30-year mortgage with a simple annual interest rate of 8.5 percent.The monthly payment is $1,000.What percentage of your total payments over the first three years goes toward the repayment of principal?
A) 1.50%
B) 3.42%
C) 5.23%
D) 6.75%
E) 8.94%

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The Answer of You have a 30-year mortgage with a simple annual interest rate of 8.5 percent.The monthly payment is $1,000.What percentage of your total payments over the first three years goes toward the repayment of principal?
A) 1.50%
B) 3.42%
C) 5.23%
D) 6.75%
E) 8.94%

You Have a 30-Year Mortgage with a Simple Annual Interest