I
got the answer to previous questions via the table, but what is the
formula for interest...
70.2K
Verified Solution
Link Copied!
Question
Finance
Igot the answer to previous questions via the table, but what is theformula for interest & principle
Answer & Explanation
Solved by verified expert
3.7 Ratings (626 Votes)
Interest rate 6512 as monthly payments Thus formula for interest 6512beginning loan balance due Thus in month 1 formula for interest 651218900 10238 Principle Monthly payments interest For month 1 principal 44821 10238 34584 In the 2nd month starting loan balance loan balance at the start of month 1 principal paid in month 1 1890034584 1855416 Thus interest in month 2 65121855416
See Answer
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
