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On January 1, Matthew borrows $6300 with a fixed interest rate on the loan of 10%...

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Finance

On January 1, Matthew borrows $6300 with a fixed interest rateon the loan of 10% and a loan term of 2 years. He will be makingmonthly payments of $290.71. How much of Matthew’s fifth loanpayment would be interest charged?(Round answers to 2decimal places, e.g. 52.75.)

$44.46

$42.41

$46.49

$48.51


On January 1, Steven borrows $5700 with a fixed interest rate onthe loan of 10% and a loan term of 2 years. He will be makingmonthly payments of $263.03. How much of Steven’s fifth loanpayment would be principal?(Round answers to 2 decimalplaces, e.g. 52.75.)

$222.80

$217.33

$219.14

$220.96

Answer & Explanation Solved by verified expert
4.4 Ratings (675 Votes)
Interest charged on fifth loan payment Monthly Loan Amortization Schedule Month Beginning Amount Total Payment Interest Payment at 08333 Principal    See Answer
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Transcribed Image Text

On January 1, Matthew borrows $6300 with a fixed interest rateon the loan of 10% and a loan term of 2 years. He will be makingmonthly payments of $290.71. How much of Matthew’s fifth loanpayment would be interest charged?(Round answers to 2decimal places, e.g. 52.75.)$44.46$42.41$46.49$48.51On January 1, Steven borrows $5700 with a fixed interest rate onthe loan of 10% and a loan term of 2 years. He will be makingmonthly payments of $263.03. How much of Steven’s fifth loanpayment would be principal?(Round answers to 2 decimalplaces, e.g. 52.75.)$222.80$217.33$219.14$220.96

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