Solve the problem. Round to the nearest cent as needed. The monthly payments on a $73,000 loan at 13% annual interest are $807.38. How much of the first monthly payment will go toward the principal?

$790.83

Explanation:

The computation of the first monthly payment toward the principal is shown below:

First, we have to find out the interest payment for the first year i.e

= Monthly payment × annual interest rate

= $73,000 × 13%

= $9,490

Now the first monthly payment towards the principal is

= Interest payment for the first year ÷ total number of months in a year

= $9,490 ÷ 12 months

= $790.83

i would have to say its c

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