Maria has monthly student loan payment of $350. Which of the following statements is TRUE about Maria's student loan payment?

Maria's monthly loan payment is first applied to paying down the principal balance of the loan. The remaining portion of the payment is then allocated towards paying any accrued interest

All $350 of Maria's monthly payment is applied to the principal balance of the loan. She will pay the accrued interest in a lump sum when she makes her final monthly payment on the
loan.

Maria's monthly loan payment is first applied to any accrued interest. The remaining portion of the payment is then allocated towards paying down the principal balance of the loan.

None of the above

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28-02-2022
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Maria has monthly student loan payment of $350. Which of the following statements is TRUE about Maria's student loan payment?

Maria's monthly loan payment is first applied to paying down the principal balance of the loan. The remaining portion of the payment is then allocated towards paying any accrued interest

All $350 of Maria's monthly payment is applied to the principal balance of the loan. She will pay the accrued interest in a lump sum when she makes her final monthly payment on the
loan.

Maria's monthly loan payment is first applied to any accrued interest. The remaining portion of the payment is then allocated towards paying down the principal balance of the loan.

None of the above

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amcool amcool · Answer 1 · 2022-03-11T10:41:55+01:00

The statement that is TRUE about Maria's student loan payment is that Maria's monthly loan payment is first applied to any accrued interest. The remaining portion of the payment is then allocated towards paying down the principal balance of the loan.

What is an amortizing loan?

An amortizing loan is a sort of debt that needs periodic payments on a regular basis.

A portion of each periodic payment is applied to the accrued interest, while the remainder is applied to the loan's principal.

Equal periodic payments are made on a completely amortized loan.

An installment loan is another name for an amortizing loan.

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