omplete the first month of the amortization schedule for the following fixed rate mortgage. Round the answer to the nearest cent. ​Mortgage:   ​$79,000 Interest​ rate: 8.5% Term of​ loan: 15 years   Amortization Schedule Payment Total Interest Principal Balance of Number Payment Payment Payment Principal    1  ​$777.94 ​(a) _____ ​ (b) _____ ​ (c) _____

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 12P
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omplete the first month of the amortization schedule for the following fixed rate mortgage. Round the answer to the nearest cent.
​Mortgage:  
​$79,000
Interest​ rate: 8.5%
Term of​ loan: 15 years
 
Amortization Schedule
Payment Total Interest Principal Balance of
Number Payment Payment Payment Principal
   1  ​$777.94 ​(a) _____ ​ (b) _____ ​ (c) _____
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