Question: studying for math test, please explain step by step On January 1, the home mortgage balance was $163,000 for the home owned by Kim Howard.

studying for math test, please explain step by step

On January 1, the home mortgage balance was $163,000 for the home owned by Kim Howard. The interest rate for the loan is 8.5 percent. Assuming that Kim makes the January monthly mortgage payment of $1956, calculate the following: (a) The amount of interest included in the January 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 Kim makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $ $ $ X S

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