Question

Please help ASAP!!!!!!!!

Answer 1

Answer:

Balance = $14,723.06

Step-by-step explanation:

Given:

Principal (P) = $15,000

Interest Rate (R) = 7.5%

Time (T) = ¹/12

Monthly payment = $185.49

Required:

Balance of the loan at the end of 3 months using the formula for simple interest.

SOLUTION:

$I = \frac{P.T.R}{100*12}$

First Month:

Principal => $15,000

Add interest => $(\frac{15,000*7.5*1}{100*12} )$ => $93.75

= $15,093.75

Less payment => $185.49

= $14,908.26

Second Month:

Principal => $14,908.26

Add interest => $(\frac{14,908.26*7.5*1}{100*12})$ => $93.18

= $15,001.44

Less payment => $185.49

= $14,815.95

Third Month:

Principal => $14,815.95

Add interest => $(\frac{14,815.95*7.5*1}{100*12})$ => $92.60

= $14,908.55

Less payment => $185.49

Balance = $14,723.06

Answer 2

Wow fascinating answer