Use an Amortization Table to Solve the Problem

question 46

Multiple Choice

Use an amortization table to solve the problem. Round to the nearest cent.
-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) $104.96
• B) $790.83
• C) $16.55
• D) $702.42

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Definitions:

Market Maker

An entity that buys and sells large quantities of a particular asset to facilitate liquidity and efficiency in financial markets.

Transactions

are the actions or processes of buying, selling, or exchanging goods, services, or financial assets between two or more parties.

Market Maker

An individual or firm that continuously buys and sells securities in a financial market to ensure liquidity and stability of prices.

Bid

An offer made by an individual or company to buy a good, service, or asset at a specified price.