Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. The Reed's have a $60,000 mortgage at 8% for 25 years. How much of the first month's payment will be used to reduce the principal?

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The Answer of Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. The Reed's have a $60,000 mortgage at 8% for 25 years. How much of the first month's payment will be used to reduce the principal?

Narrative 14-2 For Problems in This Section, Use Table 14-1 from Your