If you take out a $8,000 loan for a period of 6 months at an 8% interest rate, what will your outstanding balance be after two m onthly payments? Round your answer to the nearest cent as necessary and do not include the dollar sign.
2 answers:
Answer:
5,368.68
Step-by-step explanation:
the other answer was wrong this one correct
Answer:
Outstanding balance after two months payments = 7893.33
Step-by-step explanation:
Interest accrued every month = I = PRT/100
P = 8000
R = 8%
T = 6
I = (8000 x 8 x 6) ÷ 100 = 3840
Amount paid every month = (8000 + 3840) ÷ 6 = 1973.33
Hence amount paid after two months = 2 x 1973.33 = 3946.67
Outstanding balance after two months payments = 8000 +3840 - 3946.67 = 7893.33
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