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smariedegray
23.11.2019 •
Mathematics
Eli took out a 20-year loan for $135,000 at 4.8% interest, compounded
monthly. if his monthly payment on the loan is $876.09, how much of his first
payment went toward note reduction?
o a. $876.09
b. $336.09
o
c. $540.00
d. $420.48
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Ответ:
B. $336.09
Step-by-step explanation:
Monthly payment = $876.09
Interest rate = 4.8%
Convert the annual interest rate to monthly rate = 4.8% / 12
Monthly rate = 0.4% or 0.004
Amount going towards interest payment = 0.004* loan amount
Interest = 0.004 * 135,000
Interest = $540
Therefore, from the monthly payment of $876.09 , $540 goes towards paying interest and the balance is the note reduction;
Note reduction = $876.09 - $540 = $336.09
Ответ:
num num these points are yummy
Step-by-step explanation: