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On January 1, the home mortgage balance was $209,000 for the home owned by Frank Johnson. The interest rate Assuming that Frank makes the January
On January 1, the home mortgage balance was $209,000 for the home owned by Frank Johnson. The interest rate Assuming that Frank makes the January monthly mortgage payment of $2090, 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 Frank makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $0 $ $ X S
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