Use an Amortization Table to Solve the Problem

question 97

Short Answer

Use an amortization table to solve the problem. Round to the nearest cent.
-A $90,000 home was financed by making a 20% down payment and signing a 30-year mortgage at 6.25%
annual interest compounded monthly for the unpaid balance. The first payment is $443.32. How much of the
first month's payment will apply towards reducing the principal?

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Definitions:

Sexual Health

A state of physical, emotional, mental, and social well-being related to sexuality, including the absence of disease and the understanding of sexual rights.

Personal Biases

The predispositions or inclinations, often unconscious, that affect one's judgments and perceptions of other people and situations.

Erectile Dysfunction

A medical condition in which a man is unable to achieve or maintain an erection sufficient for satisfactory sexual performance.

Erection

The physiological phenomenon of the penis becoming enlarged and firm, primarily in response to sexual arousal.