Question
On September 1, the home mortgage balance was $258,000 for the home owned by Linda Moore. The interest rate for the loan is 8.125
On September 1, the home mortgage balance was $258,000 for the home owned by Linda Moore. The interest rate for the loan is 8.125 percent. Assuming that Linda makes the September monthly mortgage payment of $2580, calculate the following: (a) The amount of interest included in the September 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 Linda makes this monthly mortgage payment. (a) Interest amount: $0 5 (b) Principal reduction: (c) New balance: $0 $0
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