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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 :
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