Question: Use an amortization table to solve the problem. Round to the nearest cent. The monthly payments on a $51,000 loan at 12% annual interest are

Use an amortization table to solve the problem. Round to the nearest cent. The monthly payments on a $51,000 loan at 12% annual interest are $537.03. How much of the first monthly payment will go toward the principal?

a. $64.44

b. $27.03

c. $472.59

d. $510.00

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