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.