In: Finance
Amanda and Sal have a loan for $185,000 at 7% interest. If their monthly payments are $1,230.81, how much of their second payment will go to principal?
Ans $ 152.53
OPENING BALANCE | INSTALMENT | INTEREST (OPENING BALANCE * 5% * 1/12) | PRINCIPAL = (INSTALMENT - INTEREST) | CLOSING BALANCE | |
1 | 1,85,000.00 | 1,230.81 | 1,079.17 | 151.64 | 1,84,848.36 |
2 | 1,84,848.36 | 1,230.81 | 1,078.28 | 152.53 | 1,84,695.83 |