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Tema [17]
3 years ago
14

Your mortgage is $135,400.00 at a 5.25% APR. If you pay $1,500.00 towards the mortgage each month, how much of your second month

's payment is applied to the principal?
Mathematics
2 answers:
Artist 52 [7]3 years ago
8 0
Hi there
The interest paid in the first month
135,400×0.0525×(1÷12)=592.38
The payment applied to the principle
1,500−592.38=907.62
Subtract the payment applied from the principle
135,400−907.62=134,492.38
Find the interest paid in the second month
134,492.38×0.0525×(1÷12)=588.40
Finally find the payment applied to the principle in the second month
1,500−588.40
=911.6....answer

Hope it helps
blagie [28]3 years ago
3 0

The answer is:

$911.60

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