use amortization table to answer this question bob jones brought a new log cabin for $325,00 at 8% interest for 30 years.he had to pay 20% down to obtain the loan. required from the amortization table how much of the monthly payment is applied to principle  in the second  month?

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Q: 21) use amortization table to answer this question bob jones brought a new log cabin for $325,00 at…

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.