Question

You take out an amortized loan for $7000 at an interest rate of 6% for three years. Your monthly payments are $212.95. How much of the first monthly payment will go toward the principal?

Someone help please!

Answer 1

as in wht fraction?

Answer 2

huh?

Answer 3

like formula.. and I'll solve

Answer 4

this ones very vague

Answer 5

Are you studying simple interest?

Answer 6

simple interest, annuities amortization, compound interest all of that.

Answer 7

is it 177.95?

Answer 8

one month interest on 7,000 @ 6 % = 7000 * .06/12 = 35

so $35 goes toward interest and the remaining 177.95 goes to prinicipal

Answer 9

thank you!