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:

Right Reason

The appropriate or justified rationale that aligns with logical, ethical, or moral correctness, guiding decisions or actions.

Right

Entitlements or freedoms that individuals are allowed by law or moral principles.

Emmanuel Kant

A German philosopher who profoundly influenced modern philosophy with his works on ethics, aesthetics, and epistemology, particularly known for his theory of the moral imperative.

Absolute Rules

Laws or principles that are seen as universally true and not subject to change or exception.