you have just taken out a 30 year $120,000 mortgage on your new home. This mortgage...
Homework Answers
The equal monthly installment on the loan is calculated as follows
Monthly payment on the loan = $1,587.61
Amount of interest portion of the first installment = $ 1573
| Month | Beginning balance | Monthly payment | Interest | Principal | Ending balance |
| 1 | 120000 | 1587.61 |
(15.73 % 
12) 
120000 = 1573 |
1587.61 - 1573 = 14.61 | 120000 - 14.61 = 119985.39 |
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