Question

Colinda has just purchased her first home for $125,000. She put down a 20 percent down payment of $25,000 and took out a 5 percent mortgage for the rest. Her mortgage payment is $477 per month. How much of her first monthly mortgage payment is amortization?

A) $60.33


B) $243.67


C) $325.33


D) $143.67

Answer 1

The amount of amortization for the first month is $60.33.

For complete calculations, see question 9835011
or see attached image.