Asked by tmouery
A $100,000, 30 year fixed rate mortgage at 8% interest has monthly principal and interest payments of $733.76. What is the loan balance after the first payment?
Answers
Answered by
Henry
1st Month:I = Po*r*t
r = (8%/12) / 100% = 0.0066666 = Monthly
% rate expressed as a decimal.
t = 1 month.
I = 100000*0.0066666*1 = $666.67.
P = 733.76 - 666.67 = $67.09 = Amt applied to Po.
Bal. = 100000 - 67.09 = $99,932.91.
r = (8%/12) / 100% = 0.0066666 = Monthly
% rate expressed as a decimal.
t = 1 month.
I = 100000*0.0066666*1 = $666.67.
P = 733.76 - 666.67 = $67.09 = Amt applied to Po.
Bal. = 100000 - 67.09 = $99,932.91.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.