On December 1, the home mortgage balance was $285,000 for the home owned by Kevin Brooks....
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On December 1, the home mortgage balance was $285,000 for the home owned by Kevin Brooks. The interest rate for the loan is 8.25 percent. Assuming that Kevin makes the December monthly mortgage payment of $3420, calculate the following: (a) The amount of interest included in the December 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 Kevin makes this monthly mortgage payment. (a) Interest amount: $0.0825 (b) Principal reduction: $1,456.46 (c) New balance: $283,543.54 G On December 1, the home mortgage balance was $285,000 for the home owned by Kevin Brooks. The interest rate for the loan is 8.25 percent. Assuming that Kevin makes the December monthly mortgage payment of $3420, calculate the following: (a) The amount of interest included in the December 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 Kevin makes this monthly mortgage payment. (a) Interest amount: $0.0825 (b) Principal reduction: $1,456.46 (c) New balance: $283,543.54 G
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