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 4 percent mortgage for the rest. her mortgage payment is $477 per month. how much of her first monthly mortgage payment is amortization?

The answer is $143.67

Step-by-step explanation:

Her mortgage is $125,000 minus the down payment of $25,000 or $100,000. The annual interest on a $100,000 mortgage at 4% is $4,000. This is equal to $4,000/12 = $333.33 per month. Her first monthly payment of $477 minus $333.33 equals $143.67 which is the amortization or the amount she pays above the interest which adds to her equity.

coins of silver or gold

step-by-step explanation: