If $850 is deducted each month for 12 months from your checking account to pay your mortgage, what impact will it have on your checking account balance?
If $850 is deducted each month for 12 months from your checking account to pay your mortgage, the impact on your checking account balance will be a decrease of $10,200 ($850 x 12).
To determine the impact on your checking account balance, you need to calculate the total amount deducted over the 12 months.
The monthly amount deducted is $850.
Therefore, the total amount deducted over 12 months would be:
$850 * 12 = $10,200.
This means that your checking account balance will decrease by $10,200 over the course of 12 months due to the mortgage payments.