Advanced Placement (AP), 17.07.2020 18:01, dncs9157

You borrowed $18,000 at 7% annual interest, compounded monthly, and your first payment is due. The payment is $120. How much of that payment is principal and how much interest? A.$15 principal, $105 interest B.$105 principal, $15 interest C. $0 principal, $120 interest D. $111.60 principal, $8.40 interest

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You borrowed $18,000 at 7% annual interest, compounded monthly, and your first payment is due. The p...