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On January 1 , the home mortgage balance was $ 1 2 7 , 0 0 0 for the home owned by Sam Rivera. The

On January 1, the home mortgage balance was $127,000 for the home owned by Sam Rivera. The interest rate for the loan is 7.5%. Assuming that Sam makes the January monthly mortgage payment of $1524, 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 Sam makes this monthly mortgage payment.

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