You bought a house $114$ months ago and took out a mortgage $($an installment$)$ loan

for $$280,000$ to buy the house. This is a $30-$year loan that requires monthly

payments $($and the first payment was due one month after taking the loan$).$ The APR

for the loan is $24\%.$ You just made the month $114$ payment and are interested to

know how much of your next month payment will go towards the repayment of

principal? That amount is $\_$

Calculate your answer to the nearest $$\mathrm{.}01$ and do not use the $ sign. DO NOT USE

commas to separate thousands $($though some problems will accept it$).$ Enter your

answer as a positive number. For example if you obtain a result of $$1,245\mathrm{.}739$ then

enter $1245\mathrm{.}74$ ; if the result is $$340,$ then enter $340\mathrm{.}00$

Your Answer:

Answer