monthly payment\nprincipal $164,300\nterm length 30 years\ninterest rate 5%\nmonthly payment $882\nhow much…

monthly payment\nprincipal $164,300\nterm length 30 years\ninterest rate 5%\nmonthly payment $882\nhow much of the 267th payment will go toward principal if there is an outstanding principal of $68,482?\ninterest on 267th payment = $285.34\nprincipal on 267th payment = $?\nround to the nearest hundredth.

monthly payment\nprincipal $164,300\nterm length 30 years\ninterest rate 5%\nmonthly payment $882\nhow much of the 267th payment will go toward principal if there is an outstanding principal of $68,482?\ninterest on 267th payment = $285.34\nprincipal on 267th payment = $?\nround to the nearest hundredth.

Answer

Explanation:

Step1: Recall the relationship

The monthly - payment is composed of interest and principal. The formula is Monthly Payment = Interest + Principal.

Step2: Rearrange the formula to find principal

Principal = Monthly Payment - Interest. We know that the monthly payment is $882 and the interest on the 267th payment is $285.34. Principal = 882 - 285.34

Answer:

$596.66