Jamie and Eddie are buying an apartment for $320,000. Their loan officer tells them that their principal will decrease by 4.5% every year if they make the minimum mortgage payments. Complete the table to predict the principal for the first 3 years. (Round to the nearest hundredth, if applicable.)(2 points)
Year Principal
0 - $320,000.00
1 - $
2 - $
3 - $
Year 1: $320,000 - 4.5% = $305,600
Year 2: $305,600 - 4.5% = $291,136
Year 3: $291,136 - 4.5% = $277,802
Completing the table:
Year Principal
0 - $320,000.00
1 - $305,600.00
2 - $291,136.00
3 - $277,802.00