Answer:
Question 1: Fraction
Question 2: Equal
Step-by-step explanation:
I know Q1 is right, I'm not so sure about Q2 so I'm sorry if that's wrong
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I'm just doing this to fill up the required characters cool I think I'm good now.
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