When the new principal on a loan is $79,946.13 and the interest rate is 8 percent, the monthly payment is $587.20. Find the interest, the pa

Question

When the new principal on a loan is $79,946.13 and the interest rate is 8 percent, the monthly payment is $587.20. Find the interest, the payment to principal, and the new balance. STEP 1: Find the interest.

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Thiên Ân 5 years 2021-08-28T10:58:49+00:00 1 Answers 13 views 0

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  1. yenoanh
    0
    2021-08-28T11:00:30+00:00
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    9514 1404 393

    Answer:

    • to interest: $532.97
    • to principal: $54.23
    • new balance: $79,891.90

    Step-by-step explanation:

    The interest is found by multiplying the monthly rate by the balance on the loan. For the first month, the balance is the loan amount.

      $79,946.13 × 0.08 ×(1/12) . . . . . one month = 1/12 year

      = $532.97

    The interest amount in the first payment is $532.97.

    __

    The amount of the first payment that goes to principal is what is left after the interest is paid:

      $587.20 -532.97 = $54.23 . . . amount to principal

    __

    The new balance is the previous balance less the amount to principal:

      $79,946.13 -54.23 = $79,891.90 . . . new balance

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