Norma is buying a home with a $180,000 mortgage using a 5.5 percent,30-year loan.How much of the first month's payment will go to principal if the payment per $1000 on this loan is $5.6779?

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The monthly payment per $1,000 borrowed at 5.5% for 30 years is $5.6779. For a $180,000 mortgage, this translates to a total monthly payment of $5.6779 * 180 = $1,022. However, to find how much of the first month's payment goes to principal, we need to calculate the interest portion of the first month's payment and subtract it from the total monthly payment. The first month's interest is 180,000 * (5.5% / 12) = $825. Subtracting this from the total monthly payment gives $1,022 - $825 = $197 going towards the principal.

Norma Is Buying a Home with a $180,000 Mortgage Using