Answer:
$204,709.68
Explanation:
The mortgage amount is 205,000.
The fixed interest rate of 7.75% per year
monthly payments is 1.468. 65
The amount payable after on the end of month one
Monthly interest = 7.75% / 12
=7.75/100/12
=0.0775/12
=0.0064
amount due after month one mortgage amount 205,000 + interest for month one
=(205,000) x 1 +0.0064
= 205 000x 1.0064583
=206, 323.95
Amount due after payment one
= 206,312- 1.468. 65
=204,855.35
The amount payable at the end of month two = amount after month one payment + interest
=204, 855.35 x 1.00645833
=206,178.373
Amount due after the second payment
=206,178.37-1468.65
=204,709.72
