Question: Question 3 8 pt A loan has a beginning balance of $6,731.2, an amortization period of 6 years, and an annual interest rate of 4.43%.

Question 3 8 pt A loan has a beginning balance of

Question 3 8 pt A loan has a beginning balance of $6,731.2, an amortization period of 6 years, and an annual interest rate of 4.43%. How much of the first loan payment goes towards paying interest? Hint: Calculate the Year 1 Interest Paid Round your answer to 2 decimal places. (For example 2.437 = 2.44)

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