Question: Amortization schedule calculation Example 1: Using the information from the mortgage payment problem above, Cindy and Mark are buying a house for $225,000 and have

Amortization schedule calculation Example 1: Using the information from the mortgage

Amortization schedule calculation Example 1: Using the information from the mortgage payment problem above, Cindy and Mark are buying a house for $225,000 and have a down payment of $20,000, so their mortgage loan amount is $205,000. They have a 3.95%, 30-year fixed rate mortgage, with a monthly payment of $972.80. What is the breakdown of interest and principal for the first payment? What is the ending principal balance

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