The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56) that goes to pay off interest on the loan is 0.5% of the loan amount ($320,000). Calculate this interest payment. Then calculate the amount of the first month’s payment that goes toward paying off the loan balance (principal).

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A: (a) Obtain the monthly payment as follows.

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Q: Calculate

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A: Given, a loan of $6,000 at 8​% annually for 70 days.To find the exact interest on a loan.

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Q: $1,250

A: Please refer to the image below

Q: The payment on a 15 year loan at 9.36% compounded weekly is $180. Calculate the amount of the loan.

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A: