Stu reese has a $150,000 7½% mortgage. his monthly payment is $1,010.10. his first payment will reduce the principal to an outstanding balance of a. $149,729.40. b. $149,927.40. c. $72.60. d. $149,910.40.

Given that

starting outstanding balance = $150000

rate of interest = 7.5% per year

so rate of interest for 1 month = (7.5/12)% = 0.635%

outstanding balance before 1st monthly payment =  starting outstanding balance   +   0.625% of interest on  starting outstanding balance

= 150000 + (0.625 /100) × 150000

= 150000 + 937.5 = $150937.5

Reduction = outstanding balance after one month - first monthly payment

Reduction  = $150937.5 - 1010.10 = 149927.40

so out of first payment of $1,010.10 ,  $937.5  goes towards interest and remaining $72.6 goes towards reduction of principal that is 150000 - $72.6 = 149927.40.

so correct option is B that is $149927.40.

let's solve your equation step-by-step.

4x+2=2x+12

step 1: subtract 2x from both sides.

4x+2−2x=2x+12−2x

2x+2=12

step 2: subtract 2 from both sides.

2x+2−2=12−2

2x=10

step 3: divide both sides by 2.

2x

2

=

10

2

x=5

step-by-step explanation:

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