monthly payment\nprincipal $219,400\nterm length 30 years\ninterest rate 3%\nmonthly payment $925\nhow much…

monthly payment\nprincipal $219,400\nterm length 30 years\ninterest rate 3%\nmonthly payment $925\nhow much of the 39th payment will go toward principal if there is an outstanding principal of $204,411?\ninterest on 39th payment = $511.03\nprincipal on 39th payment = $?\nround to the nearest hundredth.

monthly payment\nprincipal $219,400\nterm length 30 years\ninterest rate 3%\nmonthly payment $925\nhow much of the 39th payment will go toward principal if there is an outstanding principal of $204,411?\ninterest on 39th payment = $511.03\nprincipal on 39th payment = $?\nround to the nearest hundredth.

Answer

Explanation:

Step1: Recall payment - principal relationship

Monthly payment consists of interest and principal components.

Step2: Calculate principal amount

Principal on 39th payment = Monthly payment - Interest on 39th payment. Given monthly payment is $925 and interest on 39th payment is $511.03. So, $925 - 511.03$. $925−511.03 = 413.97$

Answer:

$413.97$