loan installment calculation

Business & Finance
Tutor: None Selected Time limit: 1 Day

On July 28, you get a 7.9% $2,700 furniture loan with monthly payments of $125.  Your first payment is due August 28.  What is the balance after your first payment, assuming the lender receives your payment on September 2?

May 2nd, 2015

Principal Amount = 2700

Interest = 7.9% of 2700 = 222

Total Payment = 2922

Now, after the first payment of 125, the balance due will be 2,592.78



May 2nd, 2015

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May 2nd, 2015
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May 2nd, 2015
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