A house sells for $202,500 and a 8% down payment is made. a mortgage is secures at 7% for 35 years. Compue an amortization schedule for the first 3 month. Round your answers to two decimal places, if necessary. The value of the mortgage is $189,300 and the monthly payment is $1190.46.
Payment = 1 Interest = Payment on Principal = Balance of lean =
Step 1 Find the interest for month 1.
Step 2 Subtract the interest from the monthly payment.
Step 3: Subtract principal payment form principal.
Step 4: Find the interest for month 2.
Step 5: Find the interest for month 3.
Part 1: Payment= 1 Interest= payment on principal= Balance of loan=
Part 2: Payment= 2 Interest= payment on principal= Balance of loan=
Part 3 Payment= 3 Interest= pyament on principal= Balance of loan=