Question

Yusra has a term loan and after her 42nd payment she still owes $6,728.25. The annual interest rate on this loan is 4.86%. This month she is making payment 43. Her monthly payment is $323.41. How much will her "balance owed" decrease?Round your answer to the nearest penny. Input the dollar sign followed by the number. Do not put a space between the dollar sign and the number. Example: $167.89

Answer 1

Step 1

Given;

`\begin{gathered} \text{ After 42nd payment she still owes \$6728.25} \\ \text{Annual interest rate=4.86\%} \\ \text{Monthly payment=\$323.41} \end{gathered}`

Step 2

Find how much will her "balance owed" decrease