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8 August, 16:57

Blake took out a 20-year loan for $195,000 at 2.4% interest, compounded

monthly. If his monthly payment on the loan is $1023.84, how much of his

first payment went toward note reduction?

O A. $1023.84

O B. $390.00

C. $633.84

O D. $245.72

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Answers (2)
  1. 8 August, 17:02
    0
    C

    Step-by-step explanation:

    apex
  2. 8 August, 17:11
    0
    Answer: C. $633.84

    Step-by-step explanation:

    The formula to solve this problem is shown below

    monthly payment on the loan is $1023.84

    i = 2.4% interest

    = loan * interest period - monthly payment on the loan

    = $195,000 * (2.4/100 / 120) - $1023.84 = $195,000 * (0.024/12) - $1023.84

    = $633.84
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