Amortization Schedules break down each payment over the life of a loan.

Table $6\mathrm{.}3\mathrm{.}2$ shows a Loan Amortization Schedule for a $30$ year loan of $$190,000$ with a fixed APR of $3\mathrm{.}50\%$ requiring monthly payments.

Use this information to answer the following questions.

What is the size of the monthly payment

In the first month, how much of the payment reduces principal?

In the $12$ th month, how much of the payment reduces principal?

$-$What is the remaining balance on the loan at the end of the sixth month?

The amount of the payment that goes toward paying off interest every month.

The amount of the payment that goes toward paying off the principal every month.