After making their mortgage payment, the Browns wonder how much their loan balance was reduced by the payment they just made. They should consult a(n):
A) mortgage.
B) amortization schedule.
C) balloon payment schedule.
D) lump sum payment schedule.

Question

Quizplus · Accepted Answer

An amortization schedule provides a detailed breakdown of each mortgage payment, showing how much goes towards the principal balance and how much goes towards interest, thereby indicating how the loan balance is reduced over time.

After Making Their Mortgage Payment, the Browns Wonder How Much