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On July 1, the home mortgage balance was $123,000 for the home owned by Donald Bennett. The interest rate for the loan i
Posted: Thu May 12, 2022 2:28 pm
by answerhappygod
- On July 1 The Home Mortgage Balance Was 123 000 For The Home Owned By Donald Bennett The Interest Rate For The Loan I 1 (24.71 KiB) Viewed 29 times
On July 1, the home mortgage balance was $123,000 for the home owned by Donald Bennett. The interest rate for the loan is 8 percent. Assuming that Donald makes the July monthly mortgage payment of $984, calculate the following: (a) The amount of interest included in the July payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Donald makes this monthly mortgage payment. (a) Interest amount: SO х 5 ? (b) Principal reduction: so (c) New balance: