What is the principal balance on a loan?*The total amount including interestThe amount borrowed before interestThe total interest paidThe amount paid each month

What is the difference between the principal amount on a loan and the interest amount on a loan?

How do you calculate the total amount paid on a loan?*Principal + (Principal × Rate × Time)Principal + (Monthly Payment × Number of Payments)Principal + APRPrincipal + Total Interest Paid

What is the formula to calculate the monthly interest payment on a loan?*Principal × Annual Interest Rate / Number of YearsPrincipal × Annual Interest Rate × 12Principal × Annual Interest Rate / 12Principal × Annual Interest Rate

The simple interest formula is I=Prt.  The P represents the principal.  The principal is ___________________.  *1 pointthe percent interest for his yearthe amount of money borrowed or depositedthe amount taxedthe amount of interest

You make monthly payments on your mortgage. It has a quoted APR of 5% (monthly compounding). What percentage of the outstanding principal do you pay in interest each month?