Question

LESSON 84 The Monthly Payment Most mortgage loans are repaid in equal payments. Each payment includes an amount for payment of interest and an amount for payment of the principal of the loan. The amount of interest is calculated using the simple interest formula. Each payment you make decreases the amount of the principal you owe. PRINCIPAL PAYMENT - MONTHLY PAYMENT - INTEREST PAYMENT NEW PRINCIPAL - PREVIOUS PRINCIPAL PRINCIPAL PAYMENT Complete the table below. Mortgage Amount Interest Rate First Monthly Payment Amount for Interest Amount for Principal New Principal 254 61.50 1. $38.41 $ 86,000 $ 970.08 13% $931.67 2. 1644878 $165.000 12.5% $1762.20 $1650 12.2 $ 354.16 9 56.4 3. $ 42.500 10.00% $ 410.55 424716 4. Julie and Barry Spinos purchased a house for $96,400. They made a 25% down payment and financed the remaining amount at 13% for 30 years. Their monthly payment is $800.36. How much of the first monthly payment is used to reduce the principal? 5. Jim and Julie Speer purchased a home for $97.400. They made a down payment of $17.400 and financed the remaining amount at 11.00% for 25 years. Their monthly payment is $784.80. What is the new principal after the first monthly payment? 6. The Harrises purchased a home for $87.300. They made a $31.500 down payment and financed the remaining amount at 12.00% for 30 years. Their monthly payment is 5574.18. a. How much of the first monthly payment is used to reduce the principal? b. What is the new principal after the first monthly payment? 7. You purchase a home for $87.500. After a 20% down payment, you finance the remaining amount for 25 years at 11%. Your monthly payment is $686.70. Complete the repayment schedule below for the first 6 months of your loan. Monthly Amount for Amount for New Payment Interest Principal Principal a. b. e. 1. Co bylo 64 Unit 9

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Answer 1