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On February 1, the home mortgage balance was $294,000 for the home owned by Jim Smith. The interest rate for the loan is 8 percent. Assuming that Jim makes the February monthly mortgage payment of $2940, calculate the following: (a) The amount of interest included in the February payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Jim makes this monthly mortgage payment.

On February 1, the home mortgage balance was $294,000 for the home owned by Jim Smith. The interest rate for the loan is 8 percent. Assuming that Jim makes the February monthly mortgage payment of $2940, calculate the following: (a) The amount of interest included in the February payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Jim makes this monthly mortgage payment.

Elementary Geometry For College Students, 7e
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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||| = Initial Knowledge Check esc On February 1, the home mortgage balance was $294,000 for the home owned by Jim Smith. The interest rate for the loan is 8 percent. Assuming that Jim makes the February monthly mortgage payment of $2940, calculate the following: (a) The amount of interest included in the February payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Jim makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: I Don't Know Submit -8: $ $ Question 7 X S © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy C
Transcribed Image Text:||| = Initial Knowledge Check esc On February 1, the home mortgage balance was $294,000 for the home owned by Jim Smith. The interest rate for the loan is 8 percent. Assuming that Jim makes the February monthly mortgage payment of $2940, calculate the following: (a) The amount of interest included in the February payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Jim makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: I Don't Know Submit -8: $ $ Question 7 X S © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy C
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