Finding Principal, please help!

[aponi23]

How much principal is repaid in the 74th payment interval on a $142300 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 7.44% compounded monthly. ​

 

[jonah2.0]

Solve for the monthly payment R.
Then calculate directly with R(1.0062)^(-(300-74+1))
Or you could torture yourself (while verifying) with the so called retrospective method.
You really ought to read your book.

 

[mmm4444bot]

How much principal is repaid in the 74th payment interval on a $142300 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 7.44% compounded monthly.

Where are you stuck?

Also, please check out the forum guidelines; you can begin with this summary page.

Thanks! :cool: