Question

amortization table for $250,000 loan
how much total interest is paid in the first two payments of the loan?
the table shows an amortization schedule for a 30-year fixed-rate mortgage totaling $250,000.

payment	principal	interest	balance
2	$302.42	$831.54	$249,396.95
3	$304.22	$829.74	$248,912.73
4	$306.03	$827.93	$248,546.70
5	$307.84	$826.12	$248,178.86
...	...	...	...
360	$1,243.08	$4.61	$0.00

$1,663.87
$1,664.87
$723.05
$2,387.92

Explanation:

Step1: Identify interest for payment 1

From the table, Payment 1 interest is $833.33.

Step2: Identify interest for payment 2

From the table, Payment 2 interest is $831.54.

Step3: Sum the two interests

Calculate the total: $833.33 + $831.54 = $1,664.87.

Answer:

$1,664.87