On August 1, the home mortgage balance was $209,000 for the home owned by Susan Perry....
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On August 1, the home mortgage balance was $209,000 for the home owned by Susan Perry. The interest rate for the loan is 8.3 percent. Assuming that Susan makes the August monthly mortgage payment of $2508, calculate the following: (a) The amount of interest included in the August 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 Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: On August 1, the home mortgage balance was $209,000 for the home owned by Susan Perry. The interest rate for the loan is 8.3 percent. Assuming that Susan makes the August monthly mortgage payment of $2508, calculate the following: (a) The amount of interest included in the August 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 Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance:
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Answer Solution Calculation of one year interest amount Total a... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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