Use an amortization table to solve the problem. Round to the nearest cent. 17) A $90,000 home was financed by making a 20% down payment and signing a 30-year mortgage at 6.25% annual interest compounded monthly for the unpaid balance. The first payment is $443.32. How much of the first month's payment will apply towards reducing the principal?
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
Use an amortization table to solve the problem. Round to the nearest cent.
17) A $90,000 home was financed by making a 20% down payment and signing a 30-year
mortgage at 6.25% annual interest compounded monthly for the unpaid balance. The first
payment is $443.32. How much of the first month's payment will apply towards reducing
the principal?
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