Final answer:
The first monthly payment for Cora Scott's personal loan of $1,500 with a monthly payment of $78.45 and an interest rate of 23% is entirely for the interest and none of it is for principal.
Step-by-step explanation:
To calculate the amount of the first monthly payment that is for principal, we need to first calculate the interest for the first month. The interest can be calculated by multiplying the loan amount by the interest rate. In this case, the loan amount is $1,500 and the interest rate is 23%. So, the interest for the first month is $1,500 * 0.23 = $345. Next, we subtract the interest from the monthly payment to find the amount for principal. The amount for principal is $78.45 - $345 = -$266.55. However, since the principal cannot be negative, we can conclude that the first monthly payment is entirely for the interest and none of it is for principal.