### Question Description

Help me study for my Business class. I’m stuck and don’t understand.

Make an Amortization Table show the first 2 months of mortgage payments. Amount of mortgage (\$100,000) Annual Interest rate (5.50%) Years In Mortgage (30) Monthly Payment (\$568) Round to nearest cent as needed

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

First month interest  =100,000*0.055/12 = 458.33

First month principal = 568.00 -458.33 = 109.67

Outstanding balance =100,000 -109.67 = 99890.33

Second month interest =99890.33 *0.055/12 = 457.83

Second month principal = 568.00 -457.83 = 110.17

Outstanding balance =99890.33 -110.17 = 99780.16

Cornell University
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