A house has a

\$ 142,000.00

mortgage at

6.5 \%

. The monthly payments are

\$ 897.44

. Compute an amortization schedule for the first three months.

\begin{array}{l|ll}\text { Payment } & \\\text { Number } & \text { Interest } \text { Payment on Principle Balance of Loan } \\\hline 1 & & \\2 & & \\3 & &\end{array}

\begin{array}{l|rrr}\begin{array}{c}\text { Payment } \\\text { Number }\end{array} & \text { Interest } & \text { Payment on Principle } & \text { Balance of Loan } \\\hline 1 & \$ 769.17 & \$ 128.27 & \$ 141,102.56 \\2 & \$ 764.31 & \$ 133.13 & \$ 140,205.12 \\3 & \$ 759.44 & \$ 138.00 & \$ 139,307.68\end{array}

\begin{array}{l|lrr}\begin{array}{l}\text { Payment } \\\text { Number }\end{array} & \text { Interest } & \text { Payment on Principle } & \text { Balance of Loan } \\\hline 1 & \$ 769.17 & \$ 128.27 & \$ 141,871.73 \\2 & \$ 768.47 & \$ 128.97 & \$ 141,742.76 \\3 & \$ 767.77 & \$ 129.67 & \$ 141,613.09\end{array}

\begin{array}{l|lrr}\begin{array}{l}\text { Payment } \\\text { Number }\end{array} & \text { Interest } & \text { Payment on Principle } & \text { Balance of Loan } \\\hline 1 & \$ 771.32 & \$ 126.12 & \$ 141,873.88 \\2 & \$ 770.60 & \$ 126.84 & \$ 141,744.89 \\3 & \$ 769.88 & \$ 127.56 & \$ 141,615.20\end{array}

\begin{array}{l|lrr}\begin{array}{l}\text { Payment } \\\text { Number }\end{array} & \text { Interest } & \text { Payment on Principle } & \text { Balance of Loan } \\\hline 1 & \$ 769.17 & \$ 128.27 & \$ 141,102.56 \\2 & \$ 768.47 & \$ 128.97 & \$ 140,974.29 \\3 & \$ 767.77 & \$ 129.67 & \$ 140,845.32\end{array}

A) $27423 B) $224

Multiple Choice