By Completing the First Two Months of the Amortization Schedule

question 193

Multiple Choice

By completing the first two months of the amortization schedule for the following fixed rate mortgage, determine the balance of principal at the end of the second month.
Mortgage: $153,800
Interest rate: 9.5%
Term of loan: 25 years You will need the following table of monthly payments:

• A)$152,583.41
• B)$153,392.88
• C)$153,673.84
• D)$153,546.68

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