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:

Suprachiasmatic Nucleus

A tiny region in the brain's hypothalamus responsible for controlling circadian rhythms by regulating melatonin production, affecting sleep and wakefulness.

Melanopsin

A photopigment found in retinal ganglion cells, influential in regulating circadian rhythms and pupil response.

Wavelengths

The distance between successive crests of a wave, especially points in a sound wave or electromagnetic wave.

Blue Light

A portion of the visible light spectrum, characterized by short wavelength and high energy, known for its role in regulating circadian rhythms.