Understanding and interpreting mortgages Question Gabe and Eugenia bought a house! Their loan is for $117,000, for 15 years at an annual interest rate of 4%. This results in a monthly payment of $865.43. If only the minimum payment is made in month one, how much of the first payment goes toward reducing her balance? First, let's find the amount of interest she paid in month 1. Then, find the amount toward reducing the balance. Round to the nearest cent. Sorry, that's incorrect. Try again? Interest paid in Month 1 =$|||| Their balance is reduced by $ . FEEDBACK VIEW ANSWER SUBMIT Content attribution Activate Windows