years at an annual interest rate of 5.8% compounded monthly. Ruby's amortization schedule for her first 10 payments is found in the table. Payment Number Loan Amount Payment Interest Principal Remaining Balance 1 $3,400.00 $103.13 $17.85 $85.28 $3,314.72 2 $3,314.72 $103.13 $17.40 $85.73 $3,228.99 3 $3,228.99 $103.13 $16.95 $86.18 $3,142.81 4 $3,142.81 $103.13 $16.50 $86.63 $3,056.18 $3,056.18 $103.13 $16.04 $87.09 $2,969.09 6. $2,969.09 $103.13 $15.59 $87.54 $2,881.55 7 $2,881.55 $103.13 $15.13 $88.00 $2,793.55 $2,793.55 $103.13 $14.67 $88.46 $2,705.09 9. $2,705.09 $103.13 $14.20 $88.93 $2,616.16 10 $2,616.16 $103.13 $13.73 $89.40 $2,526.76 For payment 10, what percentage of the payment goes toward paying the principal? 13.3% 86.7% 82.7% 74.3%

years at an annual interest rate of 5.8% compounded monthly. Ruby's amortization schedule for her first 10 payments is found in the table. Payment Number Loan Amount Payment Interest Principal Remaining Balance 1 $3,400.00 $103.13 $17.85 $85.28 $3,314.72 2 $3,314.72 $103.13 $17.40 $85.73 $3,228.99 3 $3,228.99 $103.13 $16.95 $86.18 $3,142.81 4 $3,142.81 $103.13 $16.50 $86.63 $3,056.18 $3,056.18 $103.13 $16.04 $87.09 $2,969.09 6. $2,969.09 $103.13 $15.59 $87.54 $2,881.55 7 $2,881.55 $103.13 $15.13 $88.00 $2,793.55 $2,793.55 $103.13 $14.67 $88.46 $2,705.09 9. $2,705.09 $103.13 $14.20 $88.93 $2,616.16 10 $2,616.16 $103.13 $13.73 $89.40 $2,526.76 For payment 10, what percentage of the payment goes toward paying the principal? 13.3% 86.7% 82.7% 74.3%

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Ruby takes a loan to pay for an international cruise. The cruise costs $3,400, and she will make monthly payments for 3
years at an annual interest rate of 5.8% compounded monthly.
Ruby's amortization schedule for her first 10 payments is found in the table.
Payment Number
Loan Amount
Рayment
Interest
Principal
Remaining Balance
1
$3,400.00
$103.13
$17.85
$85.28
$3,314.72
2
$3,314.72
$103.13
$17.40
$85.73
$3,228.99
3
$3,228.99
$103.13
$16.95
$86.18
$3,142.81
4
$3,142.81
$103.13
$16.50
$86.63
$3,056.18
5
$3,056.18
$103.13
$16.04
$87.09
$2,969.09
6
$2,969.09
$103.13
$15.59
$87.54
$2,881.55
7
$2,881.55
$103.13
$15.13
$88.00
$2,793.55
8
$2,793.55
$103.13
$14.67
$88.46
$2,705.09
9
$2,705.09
$103.13
$14.20
$88.93
$2,616.16
10
$2,616.16
$103.13
$13.73
$89.40
$2,526.76
For payment 10, what percentage of the payment goes toward paying the principal?
13.3%
86.7%
82.7%
74.3%

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