Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your first monthly navment ($247.61) on October 6. For your second monthly payment, you pay $300; the lender receives the payment
Your monthly payments are due on the 8th of each month, starting October 8. The lender receives your first monthly navment ($247.61) on October 6. For your second monthly payment, you pay $300; the lender receives the payment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please show all work for better understanding. I couldn’t figure out how to find the interest without knowing the rate.
The answers in the back of the book are:
$34.60 interest, $213.10 principal, $7986.99 balance
$42.12 interest, $257.88 principal, $7729.11 balance.
Thank you.
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