You recently bought your first house and you took on a 30-year mortgage (an amortizing loan). The original principal balance on your mortgage was $386,000 and your mortgage rate is 7.2 percent (APR). You are repaying your mortgage in equal monthly payments. You made your first payment ("payment 1") one month after you bought the house. Today, you are writing a check for payment 4. By how much will today's payment reduce your principal balance?

Express your answer in dollars, not percent.

Answer rating: 100% (QA)

The monthly payment amount is calculated using the following f... View the full answer