With a mortgage of $100,000 at 7% for 15 years, prepare a one-month amortization schedule. What is the balance after the first month's payment?

Name: With a mortgage of $100,000 at 7% for 15 years, prepare a one-month amortization schedule. What is the balance after the first month's payment?
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Quizplus · Accepted Answer

$100,000 / $1,000 = 100; 100 × $8.99 = $899 monthly payment; I = $100,000 × .07 × 1/12 = $583.33; $899 - $583.33 = $315.67 principal reduction; $100,000 - $315.67 = $99,684.33.

With a Mortgage of $100,000 at 7% for 15 Years