On May 1, the home mortgage balance was $292,000 for the home owned by Linda Hill. The interest rate for the loan is 6 percent.
Assuming that Linda makes the May monthly mortgage payment of $2336, calculate the following:
(a) The amount of interest included in the May payment (round your answer to the nearest cent).
(b) The amount of the monthly mortgage payment that will be used to reduce the principal balance.
(c) The new balance after Linda makes this monthly mortgage payment.
(a) Interest amount:
(b) Principal reduction:
(c) New balance:
$
G