Find the mortgage balance after the first three payments on a 3030-year $170,000$170,000 mortgage that was financed at an APR of 4.25%4.25% and has a monthly payment of $836.30$836.30. Payment Number Interest Payment Principal Payment Mortgage Balance 11 $602.08$602.08 $234.22$234.22 Balance 1 22 $601.25$601.25 $235.05$235.05 Balance 2 33 $600.42$600.42 $235.88$235.88 Balance 3
Find the mortgage balance after the first three payments on a 3030-year $170,000$170,000 mortgage that was financed at an APR of 4.25%4.25% and has a monthly payment of $836.30$836.30. Payment Number Interest Payment Principal Payment Mortgage Balance 11 $602.08$602.08 $234.22$234.22 Balance 1 22 $601.25$601.25 $235.05$235.05 Balance 2 33 $600.42$600.42 $235.88$235.88 Balance 3
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 85E: ExerciseInstallment Notes ABC bank loans $250,000 to Yossarian to purchase a new home. Yossarian...
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Find the mortgage balance after the first three payments on a 3030-year $170,000$170,000 mortgage that was financed at an APR of 4.25%4.25% and has a monthly payment of $836.30$836.30.
| Payment Number | Interest Payment | Principal Payment | Mortgage Balance |
|---|---|---|---|
| 11 | $602.08$602.08 | $234.22$234.22 | Balance 1 |
| 22 | $601.25$601.25 | $235.05$235.05 | Balance 2 |
| 33 | $600.42$600.42 | $235.88$235.88 | Balance 3 |
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