Question: Need help with this question along with how you get the answers. On August 1, along with his regular payment of $1,384.04, Ben also made

 Need help with this question along with how you get the

Need help with this question along with how you get the answers.

On August 1, along with his regular payment of $1,384.04, Ben also made an additional principal payment of $500. Complete the repayment schedule below to reflect the additional payment. (On September 1, Ben pays the regular monthly amount). Note 1: The regular monthly loan payment amount is not affected by the additional principal payment. It will remain the same each month. Note 2: The interest portion of the August 1 payment (paying interest for July) is still based on $179,670.56. Date Payment Interest Principal Loan Balance $180,000.00 179,890.96 179,781.15 1-Jun 1 - Jul $1,275.00 1,274.23 $109.04 109.81 $1,384.04 1,384.04 1,384.04 +500 extra 1,384.04 1-Aug 1-Sep Show Work Here: August: September

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!