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?

---

Definitions:

End-of-string

Represents the terminating character in a string, typically denoted as '\0', signalling the string's end.

NULL

A special marker used in programming to indicate that a pointer does not point to any valid memory area or object.

Sentinel

A special value used in programming to indicate the end of a data set or to signal when a particular condition has been met.

'\n'

Represents a newline character in many programming languages, used to move the cursor to the beginning of the next line of text.