Homework Answers
How much of the first month’s payment goes towards paying off the principal portion.
Answer: $327.59
Working
Formula for calculating principal portion of loan repayment is as follows;
Principal portion = Loan monthly installment – interest for the month
= $399.99 – $72.397
= $327.593
= $327.59
Loan monthly installment = $399.99 (given in the problem)
Interest for the month: formula for calculating interest for the month is as follows;
Interest for the month = (outstanding loan amount * interest rate) ÷ 12
= ($21,719 * 4%) ÷ 12
= $72.397
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