Answer: $742.20
Step-by-step explanation:
The payments will be divided between an interest and a principal payment.
The interest payment will be based on the balance at the beginning of the period and the rest of the payment will be the mortgage.
Balance at beginning of period = $72,000
Interest payment = (3.13% * 72,000) / 12 months
= $187.80
Amount going towards principal:
= Total payment - Interest payment
= 930 - 187.80
= $742.20
