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Mathematics (Consumer)

Mathematics
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Sue Gable obtained a mortgage loan for $189,600.00 at 7 percent for 25 years. Her monthly payment is $1,340.47. How much of the first payment is for principal?

Please show the work and give me the answer. Thanks

Nov 25th, 2014

interest for 1st pymt = 189600(0.07/12)

interest for 1st pymt = $1,106

Principal = 1340.47 - 1106.00
Principal = 234.47

Nov 25th, 2014

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Nov 25th, 2014
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