Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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Question

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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