Part 7: Additional principal payment - Show your work Shown below is an excerpt from the repayment schedule for Ben Birnbaum's mortgage loan. It was originated on May 1. Interest is paid in arrears. Recall that the interest portion of each payment is based on the outstanding balance during the previous month. For example: $179,890.96 x.085 = $1,274.23"(Interest for month of June, paid on July 1) Birnbaum Loan Repayment Schedule --$180,000 @ 8.5% for 30 years Date Payment Interest Principal 1-Jun 1.Jul 1-Aug 1-Sep $1,384.04 1,384.04 1,384.04 1,384.04 $1,275.00 $109.04 1274.23 109.81 + 1273.45 110.59 1272.67 111.37 **Balance after the 6/1 payment. June balance. Loan Balance $180,000.00 179890.96 179,781.15 179,670.56 179,559.19 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). More on next page. 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). More on next page 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 $179,570.56. Date Payment Interest Principal 1-Jun 1-Jul Loan Balance $180,000.00 179,890.96 179,781.15 $1,275.00 1,274.23 $109.04 109.81 1-Aug $1,384.04 1,384.04 1,384.04 +500 extra 1,384.04 1-Sep Show Work Here: August: September