what is the break up of principal and interest in a payment of 249.73 at 3.599 with a term of 72 months?
P = 249.73/mo * 72mo = $17,980.56
P = (Po*r*t)/(1-(1+r)^-t) = 17,980.56
r = (3.599%/12)/100% = 0.0029992 = Monthly % rate expressed as a decimal.
(Po*0.0029992*72)/(1-(1.0029992)^-72)=
17,980.56
Po*0.21594/(1-(1-(1.0029992)^-72)=17980.56.
0.21594Po/0.19396 = 17980.56
1.11332Po = 17980.56
Po = $16,150.36 = Initial investment
I = (P-Po)/t = (17980.56-16150.36)/72=
$25.42/mo.
249.73 - 25.42 = $224.31/mo on principal