monthly payment\nprincipal $133,600\nterm length 30 years\ninterest rate 6%\nmonthly payment $801\nhow much…

monthly payment\nprincipal $133,600\nterm length 30 years\ninterest rate 6%\nmonthly payment $801\nhow much of the 86th payment will go toward interest if there is an outstanding principal of $119,556?\ninterest on 86th payment = $?

monthly payment\nprincipal $133,600\nterm length 30 years\ninterest rate 6%\nmonthly payment $801\nhow much of the 86th payment will go toward interest if there is an outstanding principal of $119,556?\ninterest on 86th payment = $?

Answer

Answer:

$597.78

Explanation:

Step1: Convert annual rate to monthly rate

$r=\frac{6%}{12}=0.005$

Step2: Calculate interest for 86th payment

$I = 119556\times0.005 = 597.78$