Erin Casey purchased a home with a $90,000 mortgage at 9 1/2% for 30 years. Calculate the monthly payment and prepare an amortization schedule for the first four months of Erin's loan. $$\begin{array} { l l l l l }
\text { Payment } & \text { Monthly } & \text { Monthly } & \text { Portion used to } & \text { Loan } \
\text { Number } & \underline { \text { Payment } } & \underline { \text { Interest } } & \underline { \text { Reduce Principal } } & \underline { \text { Balance } } \
& & & & \$ 90,000\
1&&&&&\
2&&&&&\
3&&&&&\
4&&&&&
\end{array}$$

Question

Erin Casey purchased a home with a $90,000 mortgage at 9 1/2% for 30 years. Calculate the monthly payment and prepare an amortization schedule for the first four months of Erin's loan. $$\begin{array} { l l l l l } 
\text { Payment } & \text { Monthly } & \text { Monthly } & \text { Portion used to } & \text { Loan } \
\text { Number } & \underline { \text { Payment } } & \underline { \text { Interest } } & \underline { \text { Reduce Principal } } & \underline { \text { Balance } } \
& & & & \$ 90,000\
1&&&&&\
2&&&&&\
3&&&&&\
4&&&&&
\end{array}$$

Quizplus · Accepted Answer

The Answer of Erin Casey purchased a home with a $90,000 mortgage at 9 1/2% for 30 years. Calculate the monthly payment and prepare an amortization schedule for the first four months of Erin's loan. $$\begin{array} { l l l l l } 
\text { Payment } & \text { Monthly } & \text { Monthly } & \text { Portion used to } & \text { Loan } \
\text { Number } & \underline { \text { Payment } } & \underline { \text { Interest } } & \underline { \text { Reduce Principal } } & \underline { \text { Balance } } \
& & & & \$ 90,000\
1&&&&&\
2&&&&&\
3&&&&&\
4&&&&&
\end{array}$$

Erin Casey Purchased a Home with a $90,000 Mortgage at 9