Respuesta :
Answer:
After second payment the principal balance at the beginning of the third month is $123,632.15
Step-by-step explanation:
Monthly Interest = Yearly Interest / 1200
Interest Paid = Previous Balance × Monthly Interest Rate
Equity = Monthly Payment - Interest Paid
New Balance = Previous Balance - Equity
Monthly Interest = 0.004125
After the FIRST payment
Interest Paid = 125,600.00 × 0.004125
Interest Paid = 518.10
Equity = 1,500.00 - 518.10
Equity = 981.90
New Balance = 125,600.00 -981.90
124,618.10
After the SECOND payment
Interest Paid = 124,618.10 × 0 .004125
Interest Paid = 514.05
Equity = 1,500.00 - 514.05
Equity = 985.95
New Balance = 124,618.10 -985.95 =
123,632.15
After second payment the principal balance at the beginning of the third month is $123,632.15
