A _______ is a group of people who agree to save their money together and to make loans to each other at a relatively low rate o
2 answers:
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Answer:
$1650
Step-by-step explanation:
Each payment is applied first to the amount of interest that is due, then to the remaining principal.
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For the first monthly payment, the interest due is ...
I = Prt = $1800(0.10)(1/12) = $15.00
So, the amount of the payment that gets applied to the principal is ...
payment - interest = $165 -15 = $150
The new balance is ...
$1800 -150 = $1650.00 . . . . new principal after the first payment
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The attachment shows the balance after each payment. Each interest amount is rounded to cents. The negative balance after the last payment is the amount of excess that last payment represents.
