Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month (including principal and interest). what is the principal balance after renata has made one payment on her loan? after two payments?

Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month.

I have solved this using excel sheet that is attached here.

p = $150000

r = 7.5%

t =

EMI = $987

You can see the excel sheet, after first month principle is $ 149,950.50  and after second month it is $149,900.69 .

i think the answer is .36

step-by-step explanation:

what i did was only 2.88 divided by 8