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A home valued at $168,500 has just had a 70% mortgage loan placed on it. The interest rate is 5.25%. The monthly payment is $651.32 including principal and interest. What will the principal balance of the mortgage loan be after the next monthly payment is made?

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jepessoa

Answer:

$117,850.71

Explanation:

the loan = $168,500 x 70% = $117,950

assuming that no payment has been made yet, the interest portion of the monthly payment = $117,950 x 5.25% x 1/12 = $516.03

the loan's principal will decrease by = $651.32 - $516.03 = $99.29

the loan's principal balance after the first payment = $117,950 - $99.29 = $117,850.71

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