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Your parent’s mortgage is $231,450 at a 4.65% APR. If they pay $2,236 toward the mortgage each month, how much of the second month's payment is applied toward the second month's principal? $1,344.32 $1,339.13 $4,437.34 $2,678.26

Respuesta :

isyllus

Answer:

The principle applied for second month payment is $1,339.13

B is correct

Step-by-step explanation:

Mortgage value = $231,450

APR = 4.65%

Monthly Payment = $2,236

First month interest of $231,450 of APR 4.65%

Interest [tex]=231450\times \dfrac{0.0465}{12}[/tex]

Interest of first month = $896.87

Monthly payment = $2,236

Second month's payment is applied toward the second month's principal

= Monthly Payment - First month Interest

= 2236 - 896.87

= 1339.13

Hence, The principle applied for second month payment is $1,339.13

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