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Amanda and Sal have a loan for $185,000 at 7% interest. If their monthly payments are...

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Finance

Amanda and Sal have a loan for $185,000 at 7% interest. If theirmonthly payments are $1,230.81, how much of their second paymentwill go to principal?

Answer & Explanation Solved by verified expert
3.6 Ratings (362 Votes)

Ans $ 152.53

OPENING BALANCE INSTALMENT INTEREST (OPENING BALANCE * 5% * 1/12) PRINCIPAL = (INSTALMENT - INTEREST) CLOSING BALANCE
1                    1,85,000.00          1,230.81                      1,079.17                       151.64 1,84,848.36
2                    1,84,848.36          1,230.81                      1,078.28                       152.53 1,84,695.83

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Amanda and Sal have a loan for $185,000 at 7% interest. If theirmonthly payments are $1,230.81, how much of their second paymentwill go to principal?

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