When $20,000 is financed at 6% interest (per yr) for 10 years, the monthly payment is $222.

a] . The first monthly payment includes $100 in interest and $122 in principal. What is the loan balance after the first payment is made?

b]Use I = Prt to find the interest in the 2 nd payment, if the 1st payment was made on time.

c]After several payments have been made, the $222 payment gets split into $76 interest and $146 principal. If you pay $300 instead of $222 that month, how much goes to interest and how much goes to principal?