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Nevaeh took out a 20-year loan for $155,000 at 3.6% interest, compounded monthly. If her monthly payment on the loan is $906.93, how much of her first payment went toward note reduction?
A. $441.93

B. $465.00

C. $906.93

D. $326.49

Respuesta :

A. $441.93 just did this question on Apex!

Answer:

A. $441.93

Step-by-step explanation:

Given that Nevaeh took out a 20-year loan for $155,000 at 3.6% interest, compounded monthly and  her monthly payment on the loan is $906.93

Let us calculate EMI schedule for 155000 for 20 years

Out of EMI 906.93, 441.93 will be for note reduction.

There are four options given as

A. $441.93

B. $465.00

C. $906.93

D. $326.49

Correct answer is option A) 441.93$

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