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:

Ounces

A unit of weight used primarily in the United States, equal to one-sixteenth of a pound or about 28.35 grams.

Healthy Skin

The state of the skin being well-nourished, hydrated, and free from diseases or disorders.

Breakfast

The first meal of the day, usually eaten in the morning.

Retain Water

The tendency of the body to hold onto excess fluid in tissues, often leading to swelling or edema.