Complete the first two months of an amortization schedule for the fixed-rate mortgage.
Mortgage:
$117,550
Interest rate:
6.25%
Term of loan: 12 years
Complete the first two payments of the amortization schedule below.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Payment
Total
Principal
Number
Payment
Payment
1
S
2
$
Interest
Payment
$
GA
S
39
$
Balance of Principal
69 69
$
$
INI