Use an Amortization Table to Solve the Problem

question 97

Short Answer

Use an amortization table to solve the problem. Round to the nearest cent.
-A $90,000 home was financed by making a 20% down payment and signing a 30-year mortgage at 6.25%
annual interest compounded monthly for the unpaid balance. The first payment is $443.32. How much of the
first month's payment will apply towards reducing the principal?

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Definitions:

Corporate Policies

Guidelines developed by an organization to govern its actions and ensure compliance with laws, regulations, and internal rules.

Group

A collection of individuals or entities coming together for a shared purpose or to achieve a common goal.

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Are the rules and regulations enacted by an organization or community to provide a framework for its operations and management.

Corporation's Affairs

Activities and matters related to the management, operations, and governance of a corporation.