Duckiesaur8breadidn
Answered

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\begin{tabular}{|l|r|}
\hline \multicolumn{2}{|c|}{Installment Loan} \\
\hline Principal & [tex]$\$[/tex] 2,610[tex]$ \\
\hline Term Length & 4 years \\
\hline Interest Rate & $[/tex]9\%[tex]$ \\
\hline Monthly Payment & $[/tex]\[tex]$ 65$[/tex] \\
\hline
\end{tabular}

How much of the 22nd payment will go to the principal if there is an outstanding principal of [tex]$\$[/tex]1,581[tex]$?

Interest on the $[/tex]22^{\text{nd}}[tex]$ Payment $[/tex]=\[tex]$11.86$[/tex]

Principal on the [tex]$22^{\text{nd}}$[/tex] Payment [tex]$=\$[/tex][?]$

Round to the nearest hundredth.

Sagot :

GinnyAnsweridn
To determine how much of the 22nd payment will go towards the principal, we can follow these steps:

1. Identify the Monthly Payment:
The monthly payment is given as [tex]$65. 2. Determine the Interest Portion of the 22nd Payment: The interest portion for the 22nd payment is $[/tex]11.86.

3. Calculate the Principal Portion of the 22nd Payment:
To find out how much of the 22nd payment goes to the principal, we need to subtract the interest portion from the total monthly payment.
[tex]\[ \text{Principal portion of 22nd payment} = \text{Monthly payment} - \text{Interest portion of 22nd payment} \][/tex]
Plugging in the given values:
[tex]\[ \text{Principal portion of 22nd payment} = 65 - 11.86 \][/tex]

4. Perform the Subtraction:
[tex]\[ 65 - 11.86 = 53.14 \][/tex]

So, the principal portion of the 22nd payment is $53.14, rounded to the nearest hundredth.
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