Wednesday, December 4, 2024

Scott Bilker
Household Math™: Mortgage Math
by Scott Bilker
 
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1.

The interest rate on my mortgage is 7% APR with monthly payments of $623.00. The balance this morning is $59,200.00. My payment of $623 will arrive this afternoon and be credited to my account today. What will the balance be on the mortgage next month immediately after the monthly payment is applied to the balance?
$58,296.00
$58,577.00
$57,954.00
$59,001.52
I don't know!



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