monthly payment\nprincipal $133,300\nterm length 30 years\ninterest rate 3%\nmonthly payment $562\nhow much…

monthly payment\nprincipal $133,300\nterm length 30 years\ninterest rate 3%\nmonthly payment $562\nhow much of the 68th payment will go toward principal if there is an outstanding principal of $121,649?\ninterest on 68th payment = $304.12\nprincipal on 68th payment = $?\nround to the nearest hundredth

monthly payment\nprincipal $133,300\nterm length 30 years\ninterest rate 3%\nmonthly payment $562\nhow much of the 68th payment will go toward principal if there is an outstanding principal of $121,649?\ninterest on 68th payment = $304.12\nprincipal on 68th 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 amount

Principal = Monthly payment - Interest. Given monthly payment = $562 and interest on 68th payment = $304.12. So, Principal = $562 - $304.12.

Answer:

$257.88