Adrian agrees to a 12-month loan to pay for his $490 wakeboard. His annual interest rate is 6.3%, and his monthly payment is $42.24. Adrian's amortization schedule is as follows. Payment Number Loan Amount Рayment Interest Principal Remaining Balance $490.00 $42.24 $2.57 $39.67 $450.33 2 $450.33 $42.24 $2.36 $39.88 $410.46 3 $410.46 $42.24 $2.15 $40.09 $370.37 4 $370.37 $42.24 $1.94 $40.30 $330.08 $330.08 $42.24 $1.73 $40.51 $289.57 6 $289.57 $42.24 $1.52 $40.72 $248.85 7 $248.85 $42.24 $1.31 $40.93 $207.91 8 $207.91 $42.24 $1.09 $41.15 $166.77 9 $166.77 $42.24 $0.88 $41.36 $125.40 10 $125.40 $42.24 $0.66 $41.58 $83.82 11 $83.82 $42.24 $0.44 $41.80 $42.02 12 $42.02 $42.24 $0.22 $42.02 $0.00 Total $506.88 $16.88 $490.00
Adrian agrees to a 12-month loan to pay for his $490 wakeboard. His annual interest rate is 6.3%, and his monthly payment is $42.24. Adrian's amortization schedule is as follows. Payment Number Loan Amount Рayment Interest Principal Remaining Balance $490.00 $42.24 $2.57 $39.67 $450.33 2 $450.33 $42.24 $2.36 $39.88 $410.46 3 $410.46 $42.24 $2.15 $40.09 $370.37 4 $370.37 $42.24 $1.94 $40.30 $330.08 $330.08 $42.24 $1.73 $40.51 $289.57 6 $289.57 $42.24 $1.52 $40.72 $248.85 7 $248.85 $42.24 $1.31 $40.93 $207.91 8 $207.91 $42.24 $1.09 $41.15 $166.77 9 $166.77 $42.24 $0.88 $41.36 $125.40 10 $125.40 $42.24 $0.66 $41.58 $83.82 11 $83.82 $42.24 $0.44 $41.80 $42.02 12 $42.02 $42.24 $0.22 $42.02 $0.00 Total $506.88 $16.88 $490.00
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
The last option is 8
Transcribed Image Text:Adrian agrees to a 12-month loan to pay for his $490 wakeboard. His annual interest rate is 6.3%, and his monthly
payment is $42.24.
Adrian's amortization schedule is as follows.
Payment Number
Loan Amount
Payment
Interest
Principal
Remaining Balance
1
$490.00
$42.24
$2.57
$39.67
$450.33
2
$450.33
$42.24
$2.36
$39.88
$410.46
3
$410.46
$42.24
$2.15
$40.09
$370.37
$370.37
$42.24
$1.94
$40.30
$330.08
5
$330.08
$42.24
$1.73
$40.51
$289.57
6
$289.57
$42.24
$1.52
$40.72
$248.85
$248.85
$42.24
$1.31
$40.93
$207.91
8
$207.91
$42.24
$1.09
$41.15
$166.77
9
$166.77
$42.24
$0.88
$41.36
$125.40
10
$125.40
$42.24
$0.66
$41.58
$83.82
11
$83.82
$42.24
$0.44
$41.80
$42.02
12
$42.02
$42.24
$0.22
$42.02
$0.00
Total
$506.88
$16.88
$490.00
After which payment will Adrian repay at least half the principal?
6
12
7
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