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Regina took out a 30-year loan for $190,000 at 4.5% interest, compounded monthly. If her monthly payment on the loan is $962.70, and if $712.50 of her first payment went toward interest, how much of her second payment went toward interest?

A.$962.70
B.$712.50
C.Less than $712.50
D.More than $712.50 but less than $962.70

please please please help

Respuesta :

Less than $712.50 - Apex Learning

Answer:

C.Less than $712.50

Step-by-step explanation:

Given details are :

Loan amount = $190,000

Rate = 4.5% or 0.045 compounded monthly.

Time = [tex]30\times12=360[/tex] months

Monthly payments are = $962.70

First month interest = $712.50

I have calculated this using excel sheet and the answer is - C.Less than $712.50 .

Please find attached the excel sheet to see the working. You can see the highlighted interest that is less than first month interest.

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