Assume a loan balance of $174,000, a monthly payment of $1,395, and an interest rate of 8%. On next month's payment, how much of
the $1,395 will be applied to principal?
1 answer:
Given a loan balance of <span>$174,000 and an interest rate of 8%, the interest due for the next months payment is given by
Therefore, the amount out of the monthly payment of $1,395 that will be applied to the principal is $1,395 - $1,160 = $235.
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