monthly payment\nprincipal $134,100\nterm length 30 years\ninterest rate 6%\nmonthly payment $804\nhow much…

monthly payment\nprincipal $134,100\nterm length 30 years\ninterest rate 6%\nmonthly payment $804\nhow much of the 105th payment will go toward principal if there is an outstanding principal of $115,948?\ninterest on 105th payment = $579.74\nprincipal on 105th payment = $?\nround to the nearest hundredth.

monthly payment\nprincipal $134,100\nterm length 30 years\ninterest rate 6%\nmonthly payment $804\nhow much of the 105th payment will go toward principal if there is an outstanding principal of $115,948?\ninterest on 105th payment = $579.74\nprincipal on 105th 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 $804 and interest on 105th payment is $579.74. So, Principal portion = $804 - $579.74. $804−579.74 = 224.26$

Answer:

$224.26$