Hannah signs on a $148,500 mortgage at a 4.5% annual interest rate for 20 years. This results in a monthly payment is
$938.48. If only the minimum payment is made in month one, how much of the first payment goes toward reducing her
balance?
First let's find the amount of interest she paid in month 1, then find the amount toward reducing the balance.
Round to the nearest cent.

Question

07-04-2021
Mathematics

Answered

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Hannah signs on a $148,500 mortgage at a 4.5% annual interest rate for 20 years. This results in a monthly payment is
$938.48. If only the minimum payment is made in month one, how much of the first payment goes toward reducing her
balance?
First let's find the amount of interest she paid in month 1, then find the amount toward reducing the balance.
Round to the nearest cent.

Sagot :

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