26-107 For the first monthly payment,what are the interest and principal portions of the payment?
A)$37,500 principal and $13,213 principal.
B)$37,500 interest and $13,213 principal.
C)$37,500 principal and $7,809 interest.
D)$37,500 interest and $7,809 principal.
E)$37,500 interest and $17,756 principal.

Question

Quizplus · Accepted Answer

The first monthly payment typically consists of a larger interest portion and a smaller principal portion. In this case, $37,500 is the interest and $13,213 is the principal.

26-107 for the First Monthly Payment,what Are the Interest and Principal