Solve the Problem

question 77

Multiple Choice

Solve the problem. Solve the problem. -The monthly payments on a $98,000 loan at interest for 15 years is $909.44. How much of the first monthly payment will go toward the principal? A) $68.21 B) $841.23 C) $296.94 D) $612.50
-The monthly payments on a $98,000 loan at interest for 15 years is $909.44. How much of the first monthly payment will go toward the principal?

Definitions:

Position

In finance, a position refers to the amount of a particular asset or security that is owned by an individual or entity.

Futures Contract

A contractual arrangement to purchase or sell a specific financial instrument or commodity at a set price on a future date.

Basis

The difference between the spot price of an asset and its future price, or the cost basis of an investment.

Futures Price

The agreed price for the future delivery of assets in a futures contract.