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On October 1, the home mortgage balance was $182,000 for the home owned by Susan Hall. The interest rate for the loan is 9 percent. Assuming that Susan makes the October monthly mortgage payment of $1820, calculate the following: (a) The amount of interest included in the October 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 Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $0 $0 X S

On October 1, the home mortgage balance was $182,000 for the home owned by Susan Hall. The interest rate for the loan is 9 percent. Assuming that Susan makes the October monthly mortgage payment of $1820, calculate the following: (a) The amount of interest included in the October 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 Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: $0 $0 X S

Intermediate Algebra
Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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On October 1, the home mortgage balance was $182,000 for the home owned by Susan Hall. The interest rate for the loan is 9 percent. Assuming that Susan makes the October monthly mortgage payment of $1820, calculate the following: (a) The amount of interest included in the October 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 Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: I Don't Know Submit $0 $0 $0 X S © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy C
Transcribed Image Text:On October 1, the home mortgage balance was $182,000 for the home owned by Susan Hall. The interest rate for the loan is 9 percent. Assuming that Susan makes the October monthly mortgage payment of $1820, calculate the following: (a) The amount of interest included in the October 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 Susan makes this monthly mortgage payment. (a) Interest amount: (b) Principal reduction: (c) New balance: I Don't Know Submit $0 $0 $0 X S © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy C
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