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On November 1, the home mortgage balance was $94,000 for the home owned by Donald Lewis. The interest rate for the loan is 6 percent Assuming that Donald makes the November monthly mortgage payment of $1128, calculate the following: (a) The amount of interest included in the November 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 Donald makes this monthly mortgage payment. $470.00 X

On November 1, the home mortgage balance was $94,000 for the home owned by Donald Lewis. The interest rate for the loan is 6 percent Assuming that Donald makes the November monthly mortgage payment of $1128, calculate the following: (a) The amount of interest included in the November 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 Donald makes this monthly mortgage payment. $470.00 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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nowledge On November 1, the home mortgage balance was $94,000 for the home owned by Donald Lewis. The interest rate for the loan is 6 percent. Assuming that Donald makes the November monthly mortgage payment of $1128, calculate the following: (a) The amount of interest included in the November 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 Donald makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $470.00 $0 $0 "
Transcribed Image Text:nowledge On November 1, the home mortgage balance was $94,000 for the home owned by Donald Lewis. The interest rate for the loan is 6 percent. Assuming that Donald makes the November monthly mortgage payment of $1128, calculate the following: (a) The amount of interest included in the November 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 Donald makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $470.00 $0 $0 "
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