Gertrude took out a 30-year loan for $95,000 at 8.4% interest, compounded monthly. if her monthly payment on the loan is $723.75, how much of her first payment went toward note reduction?

  $58.75

Step-by-step explanation:

The monthly interest rate is 8.4%/12 = 0.7%, so the first month's interest is ...

  $95,000×0.007 = $665

The amount of the first payment that goes to note reduction is the part that does not go for paying interest. That difference is ...

  $723.75 - 665.00 = $58.75

answer:

payment just for service  

→

$

87.12

payment for service including tax

→

$

94.09

explanation:

service only with 20% tip  

→

$

72.6

(

1

+

20

100

)

=

$

87.12

in the opening of the question the word 'service' is associated only with the pretax value.

the closing part of the question asks: how much did she pay for the  

service

−−−−−−  

so technically the answer is  

→

$

72.6

(

1

+

20

100

)

=

$

87.12

however, the intention of the question provider may have been that your answer is to be  

$

87.12

(

1

+

8

100

)

=

$

94.09

to 2 decimal places.

'

payment just for service  

→

$

87.12

payment for service including tax

→

$

94.09

tony b

mar 21, 2017

answer:

trying to explain it another way

explanation:

service charge  

.

→

$

72.60

20% tip  

20

100

×

$

72.60

=

$

14.52

−−−−−−  

←

add

$

87.12

tax  

8

100

×

$

87.12

=

$

6.97

−−−−−  

←

add

$

94.09

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i pretty sure it is