$423 per month for 48 months balance. After making a payment of $2,300 for an automobile, Xavier paid with interest charged at 3.9% per year compounded monthly on the unpaid
$423 per month for 48 months balance. After making a payment of $2,300 for an automobile, Xavier paid with interest charged at 3.9% per year compounded monthly on the unpaid
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question

Transcribed Image Text:Use the following information to answer Questions 1-5.
After making a payment of $2,300 for an automobile, Xavier paid $423 per month for 48 months
with interest charged at 3.9% per year compounded monthly on the unpaid balance.
Question 1
How much did Xavier pay towards the principal of the loan on the car?
Write the formula, fill in the formula, and then solve. Be sure to round your final answer to two
decimal places and include units with your answer.
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