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?
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
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