Use an Amortization Table to Solve the Problem $\$ 60,000$ Loan At

Multiple Choice

Use an amortization table to solve the problem. Round to the nearest cent.
-The monthly payments on a $\$ 60,000$ loan at $12 \%$ annual interest are $\$ 631.80$ . How much of the first monthly payment will go toward the principal?

A) $\$ 555.98$
B) $\$ 600.00$
C) $\$ 31.80$
D) $\$ 75.82$