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Fudgin [204]
1 year ago
8

Gabe and Eugenia bought a house! Their loan is for $117,000 , for 15 years at an annual interest rate of 4% . This results in a

monthly payment of $865.43 . If only the minimum payment is made in month one, how much of the first payment goes toward reducing her balance? First, let's find the amount of interest she paid in month 1
Mathematics
1 answer:
cupoosta [38]1 year ago
4 0

Answer:

Principal element is $475.43

Interest payment is $390

Step-by-step explanation:

The amount of interest paid in month one is 4%*$117,000*1/12=$390

The interest is calculated based on the annual interest rate of 4% apportioned to reflect one month interest by multiplying by 1/12

The principal element of monthly payment is the monthly payment minus interest.

principal paid in month one=$865.43-$390=$475.43

Ultimately,$475.43 goes toward reducing her loan balance while the $390 is interest on loan

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A geometry teacher asked Radric to define "parallel lines." Radric said that parallel lines are lines in a plane that do not hav
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2 years ago
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2 years ago
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1 year ago
The vertices of △ DEF are D (2, 5), E (6, 3), and F (4, 0). Translate △ DEF using the given vector. Graph △ DEF and its image. T
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Answer:

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