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:

Perseverance

Persistent effort and determination in doing something despite difficulties or delay in achieving success.

Time Management

The process of organizing and planning how to divide one's time between specific activities to increase efficiency and productivity.

Setting Priorities

The process of determining the most important tasks or goals to focus on, often to ensure efficient use of time and resources.

Grouping Tasks

The process of organizing tasks into categories or clusters for more efficient completion and to improve focus and productivity.