Jerry has just purchased his first home for $190,000. He put down a 20 percent down payment of $38,000 and took out a 5 percent
mortgage for the rest. His mortgage payment is $700 per month. How much of his first monthly mortgage payment is amortization?
1 answer:
Answer:
$66.67
Step-by-step explanation:
The calculation of first monthly mortgage payment is amortization is given below:-
Amount borrowed = Purchase first home cost - Down payment
= $190,000 - $38,000
= $152,000
Annual interest = ($152,000 × 5%) ÷ 12
= $7,600 ÷ 12
= $633.33 per month
Now,
First monthly payment = Mortgage payment - Annual interest
= $700 - $633.33
= $66.67
Hence, we simply applied the above formula.
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