Solve the Problem

question 7

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-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) $790.83
• B) $104.96
• C) $702.42
• D) $16.55

---

Definitions:

Income Earned

The compensation received by individuals for their participation in productive activities, typically through wages, salaries, or profits.

Henry George

A 19th-century economist known for his ideas on taxation, particularly the proposal that a single tax on land value could replace all other taxes, thereby improving economic equality and efficiency.

Rent

A regular payment made by a tenant to a landlord for the use of land, a building, or other property.

Landlords

Property owners who rent out land, residential, or commercial properties to tenants.