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The monthly payments on a $60,000 loan at 12% annual interest are $631.80. How much of the first monthly payment will go toward the principal?

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Answer to a math question The monthly payments on a $60,000 loan at 12% annual interest are $631.80. How much of the first monthly payment will go toward the principal?

Expert avatar
Jon
4.6
99 Answers
1. Calculate the monthly interest rate:
\text{Monthly Interest Rate} = \frac{12\%}{12} = 1\% = 0.01

2. Calculate the interest portion of the first payment:
\text{Interest Portion} = \text{Principal} \times \text{Monthly Interest Rate}
\text{Interest Portion} = 60000 \times 0.01 = 600

3. Subtract the interest portion from the total monthly payment to find the part that goes toward the principal:
\text{Principal Payment} = \text{Total Monthly Payment} - \text{Interest Portion}
\text{Principal Payment} = 631.80 - 600 = 31.80

4. Double-check the values for accuracy:
600.00 + 31.80 = 631.80

Answer:

31.80

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