Wally Bee purchased a new home for $700,000 with a $180,000 down payment. He financed the remainder with a 3% mortgage for 30 years resulting in a $2192.32 monthly payment.

Prepare a two month amortization schedule. (Round interest factor to 4 decimals) What is the principal reduction for month 2?

Month	Loan Balance	Payment	Interest	Principal
0
1
2

Group of answer choices

$563.90

$894.55

$986.43

$1132.78