On August 31, 2020, Montrose Mortgage enters into a 10-year, 6%, $200,000 mortgage to finance the...

 

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On August 31, 2020, Montrose Mortgage enters into a 10-year, 6%, $200,000 mortgage to finance the construction of a condo complex. The terms provide for monthly instalment payments at the end of each month, commencing September 30, 2020. Instructions: Drag and Drop the correct answers. Calculate the first two interest amounts of September 30, 2020 and October 30, 2020, assuming the paymer (1) a fixed principal payment of $1,667 (2) a blended principal and interest payment of $2,220, Round to the nearest dollar Solution: 1a. Fixed Payment's - Interest Expense Amount for September 2020 1b. Fixed Payment's - Interest Expense Amount for October 2020 2a. Blended Payment's - Interest Expense Amount for September 2020 2b. Blended Payment's - Interest Expense Amount for September 2020 2,000 1,500 994 996 998 1,000 1,050 992 On August 31, 2020, Montrose Mortgage enters into a 10-year, 6%, $200,000 mortgage to finance the construction of a condo complex. The terms provide for monthly instalment payments at the end of each month, commencing September 30, 2020. Instructions: Drag and Drop the correct answers. Calculate the first two interest amounts of September 30, 2020 and October 30, 2020, assuming the paymer (1) a fixed principal payment of $1,667 (2) a blended principal and interest payment of $2,220, Round to the nearest dollar Solution: 1a. Fixed Payment's - Interest Expense Amount for September 2020 1b. Fixed Payment's - Interest Expense Amount for October 2020 2a. Blended Payment's - Interest Expense Amount for September 2020 2b. Blended Payment's - Interest Expense Amount for September 2020 2,000 1,500 994 996 998 1,000 1,050 992

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