monthly payment\nprincipal $103,200\nterm length 30 years\ninterest rate 5%\nmonthly payment $554\nhow much…

monthly payment\nprincipal $103,200\nterm length 30 years\ninterest rate 5%\nmonthly payment $554\nhow much of the 75th payment will go toward principal if there is an outstanding principal of $92,478?\ninterest on 75th payment = $385.33\nprincipal on 75th payment = $?\nround to the nearest hundredth.

monthly payment\nprincipal $103,200\nterm length 30 years\ninterest rate 5%\nmonthly payment $554\nhow much of the 75th payment will go toward principal if there is an outstanding principal of $92,478?\ninterest on 75th payment = $385.33\nprincipal on 75th payment = $?\nround to the nearest hundredth.

Answer

Explanation:

Step1: Recall payment - principal relationship

The monthly payment is composed of interest and principal.

Step2: Calculate principal portion

Principal portion = Monthly payment - Interest payment. Given monthly payment is $554 and interest on 75th payment is $385.33. So, Principal portion = $554 - $385.33. $554−385.33 = 168.67$

Answer:

$168.67$