10.4Allocation of the Monthly Payment (pp. 584-387)Compute (a) the allocation of the monthly payment toward principal and interestand (b) the new principal.Rowena Tinley obtains a 30-year, $90,000 mortgage from State Bank. The interest rate is7.5%, and her monthly payment is $629.10. For the first payment, what is the amount of(a) interest, (b) payment to principal, and (c) new principal?Step 1: Find the interest.Principal x Rate x Time$90,000.00 x 7.5% x12= $562.50 interestStep 2: Find the payment to principal.Monthly PaymentInterest$629.10$562.50 - $66.60 payment to principalStep 3: Find the new principal.Previous Balance - Payment to Principal$90,000.00$66.60= $89,933.40 new principalReview ExercisesFind the (a) amount for interest, (b) amount for principal, and (c) new principal.Interest First Monthly Amount forPaymentAmount forMortgageAmountNewPrincipalb. $PrincipalC.SRateInterest26.$ 60,0007.0%$399.00a. S27.130,0005.5738.40a.b.28.145,5006.0873.00а.b.29.159,9005.0858.66a.b.C.

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Find the (a) amount for interest, (b) amount for principal, and (c) new principal. Mortgage Amount Interest First Monthly Amount for Payment Amount for New Rate Interest Principal Principal 26. $ 60,000 7.0% $399.00 a. S b. $ C.S 27. 130,000 5.5 738.40 b. a. 28. 145,500 6.0 873.00 a. b. C. 29. 159,900 5.0 858.66 a. b. C.

Find the (a) amount for interest, (b) amount for principal, and (c) new principal. Mortgage Amount Interest First Monthly Amount for Payment Amount for New Rate Interest Principal Principal 26. $ 60,000 7.0% $399.00 a. S b. $ C.S 27. 130,000 5.5 738.40 b. a. 28. 145,500 6.0 873.00 a. b. C. 29. 159,900 5.0 858.66 a. b. C.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: accounting
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