Question

Answer the question below using the following amortization table.


What is the regular monthly payment?
O $352.15
O $703.01
O $1758.17
O $1055.16

Answer 1

Answer: $1,758.17

Adding the principal paid and interest paid will result in $1,758.17 for every month/column.

For example,

Month 21 - $688.68 + $1,069.49 = $1,758.17

Month 22 - $692.73 + $1, 065.44 = $1,758.17

And so on..

As $1,758.17 is the constant total when you add principal paid and interest paid in every month, that is your answer.