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

Question

4 years ago

15

onthly payments? Round your answer to the nearest cent as necessary and do not include the dollar sign.

2 answers:

AysviL [449] · Answer 1 · 2021-12-06T15:29:14+03:00

8 0

Answer:

5,368.68

Step-by-step explanation:

the other answer was wrong this one correct

maksim [4K] · Answer 2 · 2021-12-06T14:15:40+03:00

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