monthly payment principal $174,900 term lengt...
monthly payment principal $174,900 term length 30 years interest rate 4% monthly payment $835 how much of the 81st payment will go toward principal if there is an outstanding principal of $151,840? interest on 81st payment = $506.13 principal on 81st payment = $? round to the nearest hundredth.
Answer
# Explanation:
## Step1: Recall payment - principal relationship
Monthly payment = Interest + Principal.
## Step2: Calculate principal amount
Principal on 81st payment = Monthly payment - Interest on 81st payment. Given Monthly payment = $835 and Interest on 81st payment = $506.13. So, Principal on 81st payment = $835 - $506.13.
$835−506.13 = 328.87$
# Answer:
$328.87$