Jaclyn and Henry secured a $225,000 mortgage at 5% annual interest for 20 years. This results in a monthly payment of $1484.90 and the interest paid in month one is $937.50. Assume they only make the minimum payment each month. How much is the balance reduced in month one? What is the beginning balance for month two?

$2422.4

$220155.2

Step-by-step explanation:

This question deals with simple interest.

How much the balance is reduced in month one is the sum of the monthly payment and the interest paid in month one. So:

1484.9 + 937.5 = $2422.4

The beginning balance for month two is the starting amount ($225000) subtracted by two times the sum of the monthly payment and the interest paid in month one. So:

225000 - 2(1484.9 + 937.5)

= 225000 - 2(2422.4)

= 225000 - 4844.8

= $220155.2

y = 0.77(x)

step-by-step explanation:

the jacket retains this value after 23% cut or retains 77% of original value. plug original 87 jacket price for x and the remaining value should be y.