What part of that payment is attributed to interest

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Reference no: EM131446812

Your first budget-priced condo that you purchase sells for $30,000. Your loan is for 30 years and is at an interest rate of 8% per year.

a. What will be monthly payment (also commonly called the Principal and Interest, or P&I) be?

$ 190.00 $ 220.21 or $306.10

b. What part of that payment is attributed to interest? (that would be for payment no. 1 only)

$ 125.30 $ 190.15 or $ 200.10

c. What part of that first payment is for retiring the principal?

$ 10.50 $ 12.40 or $ 20.10

Reference no: EM131446812

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