Solve The Following Equation For A. G=-M+ 1/8 Ra Answer - Gauthmath

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Question

Jaclyn and Henry secured a $ 225 , 000 mortgage at 5 % annual interest for 20 years. This results in a monthly payment of $ 1484.90 and the interest paid in month one is $ 937.50. Assume they only make the minimum payment each month. How much is the balance reduced in month one? What is the beginning balance for month two?SHOW LESS0

Solution

user avatar imageAnswerBalance Reduction Amount is \$547.40 and the Beginning Balance for Month 2 is \$224,452.60.ExplanationExplanation: Step 1: Calculate the Balance Reduction Amount in the first month by subtracting the interest paid in month one from the total monthly payment. Balance Reduction Amount = Total Monthly Payment - Interest in Month 1 Balance Reduction Amount = \$1484.90 - \$937.50 Balance Reduction Amount = \$547.40 Step 2: Calculate the Beginning Balance for Month 2 by subtracting the principal payment in month one from the original mortgage balance. Beginning Balance for Month 2 = Original Mortgage Balance - Principal Payment in Month 1 Beginning Balance for Month 2 = \$225,000 - \$547.40 Beginning Balance for Month 2 = \$224,452.60Click to rate:0(0 votes)Search questionBy textBy image/screenshotDrop your file here orClick Hereto upload

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