Amanda and Sal have a loan for $185,000 at 7% interest. If their monthly payments are...

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?

Expert Solution

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

jeff jeffy answered 9 months ago

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