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A buyer with a 20-year, $419,000 loan at a 4.25% interest rate has a monthly principal and interest payment totaling $2,594.59. If $1,483.95 is interest, how much is applied toward principal for that payment

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abiolataiwo2015

The amount that is applied toward principal for that payment is $1,110.64.

Principal:

Using this formula

Principal amount paid=Monthly payment - Interest paid

Where:

Monthly payment=$2,594.59

Interest paid=$1,483.95

Let plug in the formula

Principal amount paid=$2,594.59-$1,483.95

Principal amount paid=$1,110.64

Inconclusion the amount that is applied toward principal for that payment is $1,110.64.

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