How much principal will be repaid by the first monthly payment of $750 on a $22,000 loan

Fantastic news! We've Found the answer you've been seeking!

Question:

How much principal will be repaid by the first monthly payment of $750 on a $22,000 loan at 15% compounded monthly?

a
$650
b
$500
c
$275
d
$475

A mortgage loan of $132,000 at 6% compounded semi-annually is to be amortized over 25 years by equal monthly payments. How much interest will be included in the first payment?

a
$792
b
$515
c
$660
d
$652

A loan of $49,600 is to be amortized by monthly payments of $1,000. How much principal will be repaid by the first payment if the interest rate is 10.8% compounded monthly?

a
$776
b
$496
c
$554
d
$322

A $175,000 mortgage is amortized over 20 years. Calculate the monthly payment for 5.5% compounded quarterly.

Fred purchased a boat for $18,000. He paid 10% down and the balance in equal monthly payments over five years at 18% compounded monthly. What does Fred pay each month?

a
$405.29
b
$457.08
c
$411.37
d
$450.33