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Know about the principal and interest portions

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Reference no: EM131901166

Assume a home mortgage monthly payment is $1,585 and the balance on the 30-year loan is currently $191,800. Knowing that the mortgage is financed with 4.45% APR, what do you know about the principal and interest portions of this upcoming month's payment?

Possible Answers:

  • Interest = $711.26 and Principal = $873.74
  • Interest = $740.9 and Principal = $844.1
  • Interest = $751.68 and Principal = $833.32
  • Not knowing what month is being discussed, you cannot calculate this.

Reference no: EM131901166

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