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Amber obtained a 30-year, $260,000 loan for her new home. The interest rate is 3.8% and her monthly payment is $1,211.49. How much of the first payment is for principal?

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sqdancefan

Answer:

  $388.16

Step-by-step explanation:

Her monthly interest rate is 3.8%/12, so the amount of interest due on the first payment is ...

  $260,000 × 0.038/12 ≈ $823.33

Then the amount applied to the principal is ...

  $1211.49 -823.33 = $388.16

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