Math Question 6: Phil takes out a loan of $100,000 to be rep…
Math Question 6: Phil takes out a loan of $100,000 to be repaid in 360 level monthly installments. The first payment will be one month after the inception of the loan and that the effective annual rate of interest is 10%. Determine which payment will be the first where the amount of principal paid is more than two-thirds the amount of the interest paid. Enter your answer as a whole number.