Question

Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the payment to principal to the nearest cent.

Answer 1

If you have a $460,000 loan at 6% interest for 25 years; payments should be $2,963.79, not $2962.40. At $2,963.79, $2,300 would be interest, $663.79 would be principal. After that first payment your balance would be $459,336.21.
Hope I helped!!