The monthly payments on a 62000 amortized loan with a 13 ann

The monthly payments on a $62,000 amortized loan with a 13% annual interest rate are $685.72. How much of the first monthly payment will go toward the principal? (HINT: Think about the process involved with an amortization schedule)

Round to the nearest cent. Type numerical values - no $ symbol, commas, spaces, words

Solution

$10,210