gladyscox30
gladyscox30 gladyscox30
  • 15-04-2019
  • Mathematics
contestada

How much of the payment goes toward the principal?

How much of the payment goes toward the principal class=

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dabeezer2005
dabeezer2005 dabeezer2005
  • 15-04-2019

Answer:

maybe this will help? i tried.

Step-by-step explanation:

As an example, consider a 10 year loan for $250,000 at 8% APR with monthly payments. The monthly payment would be $3,033.19 throughout the duration of the loan. In the first payment $1,666.67 would go toward interest while $1,366.52 goes toward principal. In the final payment only $20.09 is spent on interest while $3,013.12 goes toward principal. An amortization chart for this example is listed below.

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