On December 1, the home mortgage balance was S119,000 for the home owned by Frank Miler. The interest rate for the loan is 74 percent. Assuming that Frank makes the December monthily mortgage payment of $1428, calculate the following (a) The amount of interest included in the December 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 Frank makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance:
On December 1, the home mortgage balance was S119,000 for the home owned by Frank Miler. The interest rate for the loan is 74 percent. Assuming that Frank makes the December monthily mortgage payment of $1428, calculate the following (a) The amount of interest included in the December 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 Frank makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance:
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1EB: Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan...
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