To determine the amount of the 16th payment that will go toward the principal, we need to follow these steps:
1. Identify the given values:
- Outstanding principal: \[tex]$4,112
- Monthly payment: \$[/tex]147
- Interest on the 16th payment: \[tex]$41.12
2. Understand what we're solving for:
- We need to find out how much of the 16th payment will be applied to the principal.
3. Equation setup:
- The monthly payment is composed of two parts: interest and principal.
- Total monthly payment = Payment towards interest + Payment towards principal
4. Insert the given values into the equation:
- Using the given information:
\[
\text{Monthly payment} = \$[/tex]147
\]
[tex]\[
\text{Interest on the 16th payment} = \$41.12
\][/tex]
5. Calculate the payment towards the principal:
- Subtract the interest portion from the total monthly payment:
[tex]\[
\text{Payment towards principal} = \text{Monthly payment} - \text{Interest on the 16th payment}
\][/tex]
[tex]\[
\text{Payment towards principal} = \$147 - \$41.12
\][/tex]
[tex]\[
\text{Payment towards principal} = \$105.88
\][/tex]
6. Conclude with the final answer:
- Therefore, the amount of the 16th payment that will go towards the principal is:
[tex]\[
\boxed{105.88}
\][/tex]
