The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56) that goes to pay off interest on the loan is 0.5% of the loan amount ($320,000). Calculate this interest payment. Then calculate the amount of the first month’s payment that goes toward paying off the loan balance (principal).
The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment ($1918.56) that goes to pay off interest on the loan is 0.5% of the loan amount ($320,000). Calculate this interest payment. Then calculate the amount of the first month’s payment that goes toward paying off the loan balance (principal).
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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The monthly interest rate on this loan is 0.5%. The amount of the first month’s payment
($1918.56) that goes to pay off interest on the loan is 0.5% of the loan amount ($320,000).
Calculate this interest payment. Then calculate the amount of the first month’s payment that goes
toward paying off the loan balance (principal).
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