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On May 1 , the home mortgage balance was $ 1 1 9 , 0 0 0 for the home owned by Jim Thompson. The
On May the home mortgage balance was $ for the home owned by Jim Thompson. The interest rate for the loan is percent. Assuming that Jim makes the May monthly mortgage payment of $ calculate the following:
a The amount of interest included in the May 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 Jim makes this monthly mortgage payment.
a Interest amount:
b Principal reduction:
c New balance:
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