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 interest if there is an outstanding principal of $204,411?\ninterest on 39th payment = $?

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

Answer

Explanation:

Step1: Calculate monthly interest rate

$3% \div 12 = 0.25% = 0.0025$

Step2: Compute interest portion using outstanding principal

$204,411 \times 0.0025$

Answer:

$511.03$