What is the balance on an amortized loan of $110,000 after the first payment if the interest rate is 5.5% with a monthly P& I payment of $568?

The interest due on the first payment is

... I = Prt

... I = 110,000*.055 * (1/12)

... I = 504.17

Then the decrease in principal resulting from the first payment is

... 568.00 - 504.17 = 63.83

and the new balance is

... $110,000.00 - 63.83 = $109,936.17