Question

amortization table for $250,000 loan
the table shows an amortization schedule for a 30-year fixed-rate mortgage totaling $250,000.

payment	principal	interest	balance
2	$362.42	$831.54	$249,276.95
3	$364.22	$829.74	$248,912.73
4	$366.03	$827.93	$248,546.70
5	$367.84	$826.12	$248,178.86
...	...	...	...
360	$1,243.09	$4.61	$0.00

what is the total payment (principal plus interest) for the third installment?
enter your answer in the box.
$

Explanation:

Step1: Identify values for 3rd installment

For the third payment, Principal = $364.22, Interest = $829.74.

Step2: Calculate total payment

Total payment = Principal + Interest = $364.22 + $829.74.
$364.22 + 829.74 = 1193.96$

Answer:

1193.96