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Eli took out a 20-year loan for $135,000 at 4.8% interest, compounded
monthly. If his monthly payment on the loan is $876.09, how much of his first
payment went toward note reduction?
O A. $876.09
B. $336.09
O
c. $540.00
D. $420.48

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Answer:

B. $336.09

Step-by-step explanation:

Monthly payment = $876.09

Interest rate = 4.8%

Convert the annual interest rate to monthly rate = 4.8% / 12

Monthly rate = 0.4% or 0.004

Amount going towards interest payment = 0.004* loan amount

Interest = 0.004 * 135,000

Interest = $540

Therefore, from the monthly payment of $876.09 , $540 goes towards paying interest and the balance is the note reduction;

Note reduction = $876.09 - $540 = $336.09

Answer:

336.09

Step-by-step explanation:

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