Question

Answer the question below using the following amortization table.

Month Principal Paid Interest Paid Balance
21 $654.86 $1,029.52 $172,786.91
22 $658.76 $1,025.62 $172,128.15
23 $662.69 $1,021.69 $171,465.46
24 $666.65 $1,017.73 $170,798.81
25 $670.64 $1,013.74 $170,128.17

What is the regular monthly payment? (2 points)
Group of answer choices

$1684.38

$1021.66

$662.72

$358.94

Answer 1

Regular monthly payment=principle payment +Interest payment

To get the regular monthly payment, just sum the principle payment and interest payment at any point.

Regular monthly payment =$654.86+$1029.52=$1684.38
Or
$658.76+$1025.62=$1684.38

Regular monthly payment =$1684.38

Answer 2

First you need to comprehend that the installment incorporates Installment Premium in addition to Obligation Installment and that the Installment Equilibrium is the Credit Sum short the Obligation Installment; with this data you figure the Advance Sum that is 260,500.00 and ascertain the rate each month (utilize the premium obligation/Advance Sum) which brings about 0.2075 percent (TEM). To ascertain the yearly financing cost you utilize the recipe to change over to TEA which is ((1+TEM)^12)- 1).