You have a mortgage of $125,600.00 at a 4.95% apr. you make a payment of $1500.00 each month. what is your principal balance at the beginning of the third month?

This sort of problem is most easily worked using a financial calcualtor or app. Attached is the result of using the financial app available on a TI-84 calculator for finding future value. The arguments to the function are ...

... N — number of payments: 3

... I — annual interest rate (%): 4.95

... PV — present value: the value of the loan, 125,600

... PMT — payment amount: -1500. The sign is negative because this is money we're paying out

... P/Y — payments per year: 12 (payment is monthly)

... C/Y — compounding per year: 12 (interest is compounded monthly)

After 3 payments, the balance is $122,642.13.

good luck on your studies! : )

david edward.

6mm^3 or .6cm^3

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factor trees are nice.