Elijah just bought a house with a $72,000 mortgage at a 3.13% annual interest rate. How much of a $930 payment will go towards principal in the first month?

$742.20

Step-by-step explanation:

The payments will be divided between an interest and a principal payment.

The interest payment will be based on the balance at the beginning of the period and the rest of the payment will be the mortgage.

Balance at beginning of period = $72,000

Interest payment = (3.13% * 72,000) / 12 months

= $187.80

Amount going towards principal:

= Total payment - Interest payment

= 930 - 187.80

= $742.20

$655.61 which is option c

step-by-step explanation:

price of house =   $146,000

initial rate = 3.5%

mortgaged paid in this = 3.5 % of $146,000

                                        =

                                        =$5110

the total years would be = 7

total mortgaged paid = 7 * $5110

                                      =$35770

remaining money = $146000-35770

                                =$110230

new mortgaged payment = 5 % of 110230

                                            =  

                                            =$655.61