You have a new 10 year Student loan for $18,000.00 that charges an interest rate of 6.05% compounded monthly. The Amortization Table below shows your activity for the first month's payment. Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in Month 2 Payment Payment 23 Interest Payment Principle Payment New Balance amount $18,000.00 ---. ..... 1. $200.29 $90.75 $109.54 $17,890.46 2. $200.29 2$

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You have a new 10 year Student loan for $18,000.00 that charges an interest rate of 6.05% compounded
monthly. The Amortization Table below shows your activity for the first month's payment.
Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in
Month 2
Payment Payment
%23
Interest Payment
Principle Payment
New Balance
amount
$18,000.00
1
$200.29
$90.75
$109.54
$17,890.46
24
$200.29
2.
Question Help: Video Message instructor
Submit Question
%24
%24
%23
Transcribed Image Text:You have a new 10 year Student loan for $18,000.00 that charges an interest rate of 6.05% compounded monthly. The Amortization Table below shows your activity for the first month's payment. Fill in The Interest Payment, Principle Payment, and New Balance after you make the second Payment in Month 2 Payment Payment %23 Interest Payment Principle Payment New Balance amount $18,000.00 1 $200.29 $90.75 $109.54 $17,890.46 24 $200.29 2. Question Help: Video Message instructor Submit Question %24 %24 %23
Expert Solution
Step 1

Find the monthly interest rate.

monthly rate=6.0512=0.504166666%

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