\begin{tabular}{|l|r|}
\hline \multicolumn{2}{|c|}{Installment Loan} \\
\hline Principal & [tex]$\$[/tex] 3,560[tex]$ \\
\hline Term Length & $[/tex]2 \frac{1}{2}[tex]$ years \\
\hline Interest Rate & $[/tex]9\%[tex]$ \\
\hline Monthly Payment & $[/tex]\[tex]$ 133$[/tex] \\
\hline
\end{tabular}

How much of the 16th payment will go to principal if there is an outstanding principal of [tex]$\$[/tex] 1,879[tex]$?

Interest on $[/tex]16^{\text{th}}[tex]$ Payment $[/tex]= \[tex]$ 14.09$[/tex]

Principal on [tex]$16^{\text{th}}$[/tex] Payment [tex]$= \$[/tex] [?]$

Round to the nearest hundredth.

Question

07-08-2024
Mathematics

Answered

\begin{tabular}{|l|r|}
\hline \multicolumn{2}{|c|}{Installment Loan} \\
\hline Principal & [tex]$\$[/tex] 3,560[tex]$ \\
\hline Term Length & $[/tex]2 \frac{1}{2}[tex]$ years \\
\hline Interest Rate & $[/tex]9\%[tex]$ \\
\hline Monthly Payment & $[/tex]\[tex]$ 133$[/tex] \\
\hline
\end{tabular}

How much of the 16th payment will go to principal if there is an outstanding principal of [tex]$\$[/tex] 1,879[tex]$?

Interest on $[/tex]16^{\text{th}}[tex]$ Payment $[/tex]= \[tex]$ 14.09$[/tex]

Principal on [tex]$16^{\text{th}}$[/tex] Payment [tex]$= \$[/tex] [?]$

Round to the nearest hundredth.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-07T08:55:41-04:00

To determine how much of the 16th payment will go towards paying down the principal, follow these steps:

1. Identify the given data:
- The monthly payment amount: \[tex]$133 - The interest portion of the 16th payment: \$[/tex]14.09
- Outstanding principal: \[tex]$1,879 2. Calculate the amount of the 16th payment that goes towards the principal: - To find the principal portion, subtract the interest payment from the total monthly payment. \[ \text{Principal payment} = \text{Monthly payment} - \text{Interest payment} \] 3. Substitute the given values: \[ \text{Principal payment} = 133 - 14.09 \] 4. Perform the subtraction: \[ \text{Principal payment} = 118.91 \] Therefore, the portion of the 16th payment that will go towards the principal is \$[/tex]118.91, rounded to the nearest hundredth.