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On August 1, the home mortgage balance was $230,000 for the home owned by Jim Garcia. The interest rate for the loan is 7.3 percent. Assuming that Jim makes the August monthly mortgage payment of $2760, calculate the following: (a) The amount of interest included in the August 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 Jim makes this monthly mortgage payment.
Sagot :
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