Cheryl has a 30-year mortgage with an APR of 4.625% and monthly payments of $1336.76. Her current balance is $135,900. Calculate the amount of her next payment that will go toward principal reduction.

• $523.78
• $1,074.87
• $812.98
• $261.89

Bb Review Old Material - SU20.MAT X math 101 FinalExamReview.pdf X *Course Hero X M Inbox (8, 154) - jumpaeh@gmail.( X M Math 101 Final Exam pwd - cliffo x + X -> O A https://bbaddins.schoolcraft.edu/addins/math101v2/doc/math 101FinalExamReview.pdf u OG . . . 24 of 25 + Draw V Erase Jankovick . Math 101 Final Exam Review Revised March 21. 2015 . 03/2015 Schoolcraft College DOC 23 of 25 FORMULAS (a.k.a. formulae) Compound Amount (Future Value A = P(1 + ()" Present Value - Investments at Compound Interest PV = 71 + 1)" Annual Percentage Yield (APY) APY = (1 +2)" - 1 Future value-Ordinary annuity FV = Pmt x (1+1)" - 1 Future value-Annuity due FV = Pmt x (1+)" -1x (1+1) Present value-Ordinary annuity PV = Pmt x _ - (1 + 1)-n Present value-Annuity due PV = Pmt x_ ,1- (1 +i)- - x (1+1) Sinking fund payment FV X 71+1)"-1 Amortization payment PV X 1 - (1 + 1)-n MATH 101 . Final Exam Review . ANSWERS Type here to search O 11:53 AM 8/20/2020