Use an Amortization Table to Solve the Problem

question 42

Multiple Choice

Use an amortization table to solve the problem. Round to the nearest cent.
-The monthly payments on a $76,000 loan at 12% annual interest are $836.76. How much of the first monthly payment will go toward interest?

• A) $100.41
• B) $736.35
• C) $760.00
• D) $912.00

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Definitions:

Physical Capital

The stock of equipment and structures that are used to produce goods and services.

Capital Per Worker

The amount of capital (tools, machinery, and equipment) available per employee, affecting the productivity and efficiency of labor.

Output Per Worker

A measure of labor productivity calculated by dividing total output by the number of workers.

GNP

Gross National Product, which is the total value of all goods and services produced by the residents of a country within a specific time period.