The New Testament authors certainly understood the crucifixion of Christ within the context of the Old Testament sacrificial system:
the sacrifice of an unblemished animal takes the place of the sinner, and its blood makes atonement.
Jesus was the unblemished animal; He was sinless (2 Cor 5:21,
1 Pet 2:22-24; 3:18).
Jesus' substitutionary death accomplished two purposes:
For God, the judicial price for sin was paid in full.
Standing in place of human beings, Jesus represented mankind and bore the total penalty of our sins.
For man, Jesus' substitutionary death cleansed us of our sins and removed the cause of God's wrath.
Jesus' sacrifice was individually for each one of us!
For deeper study:
Substitution... the basis of atonement
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