Blake took out a 20-year loan for $195,000 at 2.4% interest, compounded
monthly. if his monthly payment on the loan is $1023.84, how much of his
first payment went toward note reduction?
o a. $1023.84
o b. $390.00
c. $633.84
o d. $245.72

 C. $633.84

Step-by-step explanation:

The formula to solve this problem is shown below

monthly payment on the loan is $1023.84

i = 2.4% interest

= loan * interest period - monthly payment on the loan

= $195,000 *(2.4/100 /120) - $1023.84 = $195,000*(0.024/12) - $1023.84

= $633.84

step-by-step explanation:

answer for #1 is c

answer for #2 is d

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