# solution

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=

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