Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. marcel thiessen purchased a home for $203,400 and

Marcel Thiessen purchased a home for $203,400 and obtained a 15-year, fixed-rate mortgage at 7%...

90.2K

Verified Solution

Question

Finance

Marcel Thiessen purchased a home for $203,400 and obtained a 15-year, fixed-rate mortgage at 7% after paying a down payment of 10%. Of the first month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answer to the nearest cent.)

interest $
applied to the principal $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Which of the following are consistent with the laws of thermodynamics? Energy can not be created...

Biology
Q

What are positive and the drawbacks of self-reports:

Psychology
Q

Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2018....

Accounting
Q

Evaluate o g x or f g x f x x 5x g x x...

Algebra
Q

Click here to watch the video Find the least common denominator of the following rational...

Algebra
Q

Morganton Company makes one product and provided the following...

Accounting
Q

Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company...

Accounting
Q

Which of the following events will cause retained earnings to increase? a. Dividends declared by...

Accounting
Q

Under the perpetual inventory system, each time goods are purchased for the purpose of selling,...

Accounting
Q

As a result of a slowdown in operations, Mercantile Stores is offering to employees who...

Accounting
Q

Master Card and other credit card issuers must by law print the Annual Percentage Rate...

Finance
Q

Goldfarb owns a 500 acre tract of land known as Blackacre. He executes a deed...

Finance