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You have agreed to pay off an $8,000 loan in 30 monthly payments of $298.79 per...

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Advance Math

You have agreed to pay off an $8,000 loan in 30 monthly paymentsof $298.79 per month. The annual interest rate is 9% on the unpaidbalance.

(a) How much of the first month’s payment will apply towardsreducing the principal of $8,000?

(b) What is the unpaid balance (on the principal) after 12monthly payments have been made?

Answer & Explanation Solved by verified expert
4.4 Ratings (583 Votes)
According to given information the principal amount is 8000 to be repaid in 30 months with monthly payment of 29879 The annual rate is 9 per annum So here P 8000 Number of months n 30 Rate of interest 9 9100 009 And compounded monthly so r 00912    See Answer
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