To determine how much of the 22nd payment will go towards the principal, we can follow these steps:
1. Identify the Monthly Payment:
The monthly payment is given as [tex]$65.
2. Determine the Interest Portion of the 22nd Payment:
The interest portion for the 22nd payment is $[/tex]11.86.
3. Calculate the Principal Portion of the 22nd Payment:
To find out how much of the 22nd payment goes to the principal, we need to subtract the interest portion from the total monthly payment.
[tex]\[
\text{Principal portion of 22nd payment} = \text{Monthly payment} - \text{Interest portion of 22nd payment}
\][/tex]
Plugging in the given values:
[tex]\[
\text{Principal portion of 22nd payment} = 65 - 11.86
\][/tex]
4. Perform the Subtraction:
[tex]\[
65 - 11.86 = 53.14
\][/tex]
So, the principal portion of the 22nd payment is $53.14, rounded to the nearest hundredth.
