find the mortgage balance after the first three payments on a 30 - year $170,000 mortgage that was financed…

find the mortgage balance after the first three payments on a 30 - year $170,000 mortgage that was financed at an apr of 5% and has a monthly payment of $912.60. payment number interest payment principal payment mortgage balance 1 $708.33 $204.27 balance 1 2 $707.48 $205.12 balance 2 3 $706.63 $205.97 balance 3 answer balance 1: $ balance 2: $ balance 3: $

find the mortgage balance after the first three payments on a 30 - year $170,000 mortgage that was financed at an apr of 5% and has a monthly payment of $912.60. payment number interest payment principal payment mortgage balance 1 $708.33 $204.27 balance 1 2 $707.48 $205.12 balance 2 3 $706.63 $205.97 balance 3 answer balance 1: $ balance 2: $ balance 3: $

Answer

Explanation:

Step1: Calculate Balance 1

Initial balance is $170000$. Principal payment in first - month is $204.27$. So, Balance 1=$170000 - 204.27$ $170000-204.27 = 169795.73$

Step2: Calculate Balance 2

Balance 1 is $169795.73$. Principal payment in second - month is $205.12$. So, Balance 2=$169795.73 - 205.12$ $169795.73-205.12 = 169590.61$

Step3: Calculate Balance 3

Balance 2 is $169590.61$. Principal payment in third - month is $205.97$. So, Balance 3=$169590.61 - 205.97$ $169590.61-205.97 = 169384.64$

Answer:

Balance 1: $169795.73$ Balance 2: $169590.61$ Balance 3: $169384.64$