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RUDIKE [14]
3 years ago
13

Tony borrows $1300 at an annual interest rate of 6.0%. He receives the loan on the first day of the current month and will make

monthly payments on the first day of each of the following months until the loan is repaid after 24 months (2-year loan). The monthly loan payment is $57.62. How much interest will Tony pay as part of the first loan payment?
Business
1 answer:
Vladimir [108]3 years ago
4 0

Answer:

Tony will pay interest of $6.50 as part of the first loan payment.

Explanation:

Amount of Loan = $1300

Annual Interest  = 6%

Monthly interest rate = 6% / 12 = 0.5%

Monthly Loan Payment = $57.62

Monthly installment is compromised of the interest payment on the due balance and the principal payment.

Interest payment in first installment = $1300 x 0.5%

Interest payment in first installment = $6.50

Principal portion of first installment = $57.62 - $6.50

Principal portion of first installment = $51.12

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Their distinctive component

Their distinctive component is to providing education technology tools and platform's to enhance quality outcome in teaching and learning.

8 0
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Answer:

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Explanation:

In this question, we are to calculate the required return.

From the question we identify the following;

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8 0
3 years ago
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When the birthrate in the US increases, there would be an increase in the demand for college education. The demand curve would shift to the right.

<h3>What would happen in birth rate increase?</h3>

When birth rate increases, there would be more children in the country. This would lead to more people needing college education. As a result, the demand for college education increases and this would shift the demand curve to the right.

To learn more about the demand curve, please check: brainly.com/question/27305760

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7 0
2 years ago
What is reality???????????????????????????????
Virty [35]

Answer:

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<h3>WARNING: if this is your exam question, please you might not pass with this answer. lol</h3>

Hope this helps

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8 0
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