document.write( "Question 1032539: The Hayes family recently purchased a home. They borrowed $330,000 at 8.99% for 30 years (360 payments). Their monthly payment (excluding insurance and taxes) is $2,652.88. How much of their first payment is applied to principal? \n" ); document.write( "

Algebra.Com's Answer #647296 by MathTherapy(10551) $\"\"$ $\"About$

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\n" ); document.write( "The Hayes family recently purchased a home. They borrowed $330,000 at 8.99% for 30 years (360 payments). Their monthly payment (excluding insurance and taxes) is $2,652.88. How much of their first payment is applied to principal?
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The $2,652.88 monthly payment (PMT) is a combination of the amount that's applied to interest (SI), and the amount applied to principal (P)
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document.write( "Therefore, we have: PMT = SI + P --------> P = PMT - SI
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document.write( "P = PMT - PTR ------- Substituting PTR for SI
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document.write( "P, or amount applied to principal (P) =  \n" );
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