Jaclyn and Henry secured a $ 225, 000 mortgage at 5% annual interest for 20 years. This results in a monthly payment of $ 1484.90 and the interest paid in month one is $ 937.50. Assume they only make the minimum payment each month. How much is the balance reduced in month one? What is the beginning balance for month two?

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.