Solve the Problem

question 7

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-The monthly payments on a $73,000 loan at 13% annual interest are $807.38. How much of the first monthly payment will go toward the principal?

• A) $790.83
• B) $104.96
• C) $702.42
• D) $16.55

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Definitions:

Power Pivot

A Microsoft Excel add-in that allows users to perform powerful data analysis and create sophisticated data models.

PivotTable

A data summarization tool used in spreadsheets and database programs to dynamically sort, count, and total or average data stored in one table or spreadsheet.

Data Model

A conceptual framework that arranges elements of data and normalizes their relationships to each other and to real-world characteristics.

Table

A structured arrangement of data made up of rows and columns, used for organizing, storing, and displaying information systematically.