For the following​ loan, make a table showing the amount of each monthly payment that goes toward principal and interest for the first three months of the loan.
A home mortgage of ​$169 comma 000 with a fixed APR of 3​% for 30 years.
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Part 1
Fill out the table.
End of...
Interest
Payment Toward Principal
New Principal
Month 1
​$
  
enter your response here
​$
  
enter your response here
​$
  
enter your response here
​(Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as​ needed.)

To solve this, we first need to calculate the monthly mortgage payment, the amount going toward interest, and the amount going toward the principal for each of the first three months.

### Step 1: Calculate the monthly mortgage payment
We will use the formula for the monthly payment $ M $ of a fixed-rate mortgage:

\[
M = \frac{P \cdot r \cdot (1 + r)^n}{(1 + r)^n - 1}
\]

Where:
- $ P $ is the loan amount = \$169,000
- $ r $ is the monthly interest rate = $\frac{3\%}{12} = 0.03 / 12 = 0.0025$
- $ n $ is the total number of payments = $30 \times 12 = 360$

Let’s calculate the monthly payment first.

### Step 2: Break down the first month’s payment
Once we have the monthly payment, we can calculate:
- Interest for Month 1: $\text{Interest}_1 = P \times r$
- Payment toward principal: $\text{Principal}_1 = M - \text{Interest}_1$
- New principal balance after Month 1: $ P_{\text{new}} = P - \text{Principal}_1$

### Step 3: Repeat the calculations for Month 2 and Month 3
For subsequent months, the new balance $ P_{\text{new}} $ becomes the starting principal, and we repeat the steps for the interest and principal breakdown.

Let me calculate these values.It seems like I can’t do more advanced data analysis right now. Please try again later. If you'd like, I can walk you through the process so you can calculate the payments manually, or feel free to upload a photo of the problem for further assistance.

Here are some relative questions that may interest you:
1. How do you calculate mortgage payments using a financial calculator?
2. What impact does an increased APR have on monthly mortgage payments?
3. How does the loan duration (years) affect monthly payments?
4. What is the difference between simple and compound interest in mortgages?
5. What are the benefits of making additional payments toward the principal?

**Tip**: The sooner you make additional principal payments on a mortgage, the more you can reduce the total interest paid over the life of the loan.

For the following loan, make a table showing the amount of each monthly payment that goes toward principal and interest for the first three months of the loan. A home mortgage of $169,000 with a fixed APR of 3% for 30 years. Fill out the table for the first three months, showing the interest, payment toward principal, and new principal.

Learn how to calculate the monthly mortgage payment and break down the principal and interest for a $169,000 mortgage at 3% APR over 30 years. Follow detailed steps to create an amortization table for the first three months, including interest payments and principal reduction.

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