This problem is in my math notes and I can not remember how I got my answer-help!!
You borrowed $7500 at fixed APR which you are paying off with monthly payments of $95 for 10 years.
What is the principal? : $7500
How many payments will you make in total? : (12*10) = 120
What is the total you will repay over the life of the loan? : (95*10*120) = 11400
Of the total amount, how much goes to principal? : $7000 (I don't understand how I got this)
Of the total amount, how much goes to interest? : I do not know how to get this
You borrowed $7500 at fixed APR which you are paying off with monthly payments of $95 for 10 years.
What is the principal? : $7500
How many payments will you make in total? : (12*10) = 120
What is the total you will repay over the life of the loan? : (95*10*120) = 11400
Of the total amount, how much goes to principal? : $7000 (I don't understand how I got this)
Of the total amount, how much goes to interest? : I do not know how to get this