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Calculate the amount of the monthly mortgage payment

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On March 1, the home mortgage balance was $86,000 for the home owned by Alice Rivera. The interest rate for the loan is 9 percent. Assuming that Alice makes the March monthly mortgage payment of $688 ,calculate the following:

Question (a) The amount of interest included in the March payment (round your answer to the nearest cent).

Question (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance.

Question (c) The new balance after Alice makes this monthly mortgage payment.

Reference no: EM132571045

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