ali obtained a 36 month loan of 4,350 for a used car. the interest rate is 8%. his monthly payment is 124.62. what is the paymen

Question

3 years ago

13

t to principal for the first payment

1 answer:

tamaranim1 [39] · Answer 1 · 2022-03-24T08:03:15+03:00

Answer:

8 % of 4350 is a rate of $348 / yr or $29 per month.

So 124.62 - 29 = 95.62 towards the principal for the 1st month.

That would leave a balance due of 4350 - 95.62 = 4254.38.

4254.38 * .08 = 340.35.

340.35 / 12 = 28.36 interest to be paid in the second month with

124.62 - 28.36 = 96.26 going towards payment of the principal.

Step-by-step explanation: