monthly payment principal $174,900 term length 30 years interest rate 4% monthly payment $835 how much of…

monthly payment principal $174,900 term length 30 years interest rate 4% monthly payment $835 how much of the 81st payment will go toward principal if there is an outstanding principal of $151,840? interest on 81st payment = $506.13 principal on 81st payment = $? round to the nearest hundredth.

monthly payment principal $174,900 term length 30 years interest rate 4% monthly payment $835 how much of the 81st payment will go toward principal if there is an outstanding principal of $151,840? interest on 81st payment = $506.13 principal on 81st payment = $? round to the nearest hundredth.

Answer

Explanation:

Step1: Recall payment - principal relationship

Monthly payment = Interest + Principal.

Step2: Calculate principal amount

Principal on 81st payment = Monthly payment - Interest on 81st payment. Given Monthly payment = $835 and Interest on 81st payment = $506.13. So, Principal on 81st payment = $835 - $506.13. $835−506.13 = 328.87$

Answer:

$328.87$