(HELP= MEDAL+FAN) I really need help and I would like to know HOW to do this problem
Your parent's mortgage is $231,450 at a 4.65% APR. If they pay $2,236 toward the mortgage each month, how much of the second month's payment is applied toward the second month's principle?

Question

(HELP= MEDAL+FAN) I really need help and I would like to know HOW to do this problem 
Your parent's mortgage is $231,450 at a 4.65% APR. If they pay $2,236 toward the mortgage each month, how much of the second month's payment is applied toward the second month's principle?

kcountrygirl98 · Answer

Are these your possible answers? 
$2,678.26
$4,437.34
$1,339.13
$1,344.32
Or did they give you any?

kcountrygirl98 · Answer

From what I can draw, these should be the possible answers they give you. If not, it is definitely one of these.

anonymous · Answer

Yes those are the answers listed

kcountrygirl98 · Answer

This should help http://images.kw.com/docs/0/6/1/061787/Monthly_Principal___Interest_Chart1.pdf

kcountrygirl98 · Answer

It even gives an explanation of how to do different calculations. :)

anonymous · Answer

Thank you!

anonymous · Answer

Do you think you could help me with one more question?

kcountrygirl98 · Answer

I can sure try.

anonymous · Answer

Thank you so much!
You work 35 hours/week for 52 weeks and are given the option to be paid hourly or to go on salary. In which situation will you earn the most?
32,000/year
18.50/hour
30,000 year with a 5% bonus
17.50/ hour and a 1,500 bonus at the end of the year

kcountrygirl98 · Answer

All you have to do is do the math in a calculator. I'll do the first two. 32,000 a year would be 615.38 a week. 18.50 an hour times 35 hours would be 648.50 a week, or 33,670 a year. So already, the second one is more. Now do the next two the same way. The 5% would be .05