How much of the amount is repayment of principal, Finance Basics

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How much of the amount is repayment of principal

Problem

You are planning on taking a loan for $ 58,000. You will repay the loan in annual payments over the next 16 years and the loan has a stated interest rate of 12 %. For the very last payment on your loan, how much of this is repayment of principal? For example, if the loan payment is $400 of which $30 is interest and $370 is principal, your answer is $370.

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Finance Basics: How much of the amount is repayment of principal

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