monthly payment\nprincipal $174,900\nterm length 30 years\ninterest rate 4%\nmonthly payment $835\nhow much…

monthly payment\nprincipal $174,900\nterm length 30 years\ninterest rate 4%\nmonthly payment $835\nhow much of the 81st payment will go toward principal if there is an outstanding principal of $151,840?\ninterest on 81st payment = $506.13\nprincipal on 81st payment = $?\nround to the nearest hundredth.

monthly payment\nprincipal $174,900\nterm length 30 years\ninterest rate 4%\nmonthly payment $835\nhow much of the 81st payment will go toward principal if there is an outstanding principal of $151,840?\ninterest on 81st payment = $506.13\nprincipal on 81st payment = $?\nround to the nearest hundredth.

Answer

Explanation:

Step1: Recall the relationship

Monthly - payment = Interest + Principal.

Step2: Calculate principal

Principal = Monthly - payment - Interest. Given Monthly - payment = $835 and Interest = $506.13. So, Principal = 835 - 506.13.

Answer:

$328.87