Mr. Brown borrows $12,000 at 6% per annum interest and agrees to repay it at $100 P & I, with the payment first applied to interest and then to principal. Of the second month’s payment, how much will be applied to the reduction of the principal? Assume the 360 day method for prorating interest.
Real estate math, assignment help
Mr. Brown borrows $12,000 at 6% per annum interest and agrees to repay it at $100 P & I, with the payment first applied to interest and then to principal. Of the second month’s payment, how much will be applied to the reduction of the principal? Assume the 360 day method for prorating interest.
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Real estate math, assignment help
Mr. Brown borrows $12,000 at 6% per annum interest and agrees to repay it at $100 P & I, with the payment first applied to interest and then to principal. Of the second month’s payment, how much will be applied to the reduction of the principal? Assume the 360 day method for prorating interest.
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