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Solve the amount of the monthly mortgage payment

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Question 1: On September 1, the home mortgage balance was $107,000 for the home owned by Frank Hernandez. The interest rate for the loan is 6.4 percent. Assuming that Frank makes the September monthly mortgage payment of $856, calculate the following:

(a) The amount of interest included in the September 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 Frank makes this monthly mortgage payment.

Reference no: EM132610674

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