Question: I am having a hard time figuring out how step 2 was solved (the amortization part) is there some sort of formula that i need

I am having a hard time figuring out how step 2

I am having a hard time figuring out how step 2 was solved (the amortization part) is there some sort of formula that i need to plug in in order to get the $800?

Bobby bought a house for $275,000, by putting 15% down and borrowing the rest. His note is for 30 years at 7.5% interest. If his first payment is due August 1st of the current year, how much principal did he pay in the current year? A) $878.29 Rationale Step 1- Payment N-30x 12-360 7.5/12 0.6250 PV- 275,000x 0.85-233,750 PMT Step 2 -Amortize Principal 878.2922 B) $925.14 C) $98543 D) $1,612.28

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