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On February 1, the home mortgage balance was $168,000 for the home owned by John Gonzales. The interest rate for the loan is 6.1% Assuming
On February 1, the home mortgage balance was $168,000 for the home owned by John Gonzales. The interest rate for the loan is 6.1% Assuming that John makes the February monthly mortgage payment of $1680, calculate the following: (a) The amount of interest included in the February 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 John makes this monthly mortgage payment
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