Marcel Thiessen purchased a home for $206,200 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)

Answer rating: 100% (QA)

Calculating Interest and Principal in First Months Mortgage Payment Heres how to calculate the inter... View the full answer