Get expert advice and insights on any topic with IDNLearn.com. Get accurate and timely answers to your queries from our extensive network of experienced professionals.
On April 1, the home mortgage balance was [tex]$295,000 for the home owned by Eric Bryant. The interest rate for the loan is 6 percent. Assuming that Eric makes the April monthly mortgage payment of $[/tex]2950, calculate the following: (a) The amount of interest included in the April payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Eric makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: [tex]$ (c) New balance: $[/tex]
Sagot :
We are delighted to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Your search for answers ends at IDNLearn.com. Thanks for visiting, and we look forward to helping you again soon.
