Answer:
Principal element is $475.43
Interest payment is $390
Step-by-step explanation:
The amount of interest paid in month one is 4%*$117,000*1/12=$390
The interest is calculated based on the annual interest rate of 4% apportioned to reflect one month interest by multiplying by 1/12
The principal element of monthly payment is the monthly payment minus interest.
principal paid in month one=$865.43-$390=$475.43
Ultimately,$475.43 goes toward reducing her loan balance while the $390 is interest on loan
Answer:
80/81
Step-by-step explanation:
hope this helps!
Answer:
About 21.457 years
Step-by-step explanation:
You can solve this by setting up a simple equation.
log base 1.04 2.32=x
years
Hope this helps!
To find the value of x , bring the variable to the left side and bring all the remaining values to the right side. simplify the values to find the result.
