Question

Please help ASAP!!!!!!!!

Answer 1

Wow fascinating answer

Answer 2

Balance = $14,723.06

Explanation:

Given:

Principal (P) = $15,000

Interest Rate (R) = 7.5%

Time (T) = ¹/12

Monthly payment = $185.49

Required:

Balance of the loan at the end of 3 months using the formula for simple interest.

SOLUTION:

`I = (P.T.R)/(100*12)`

First Month:

Principal => $15,000

Add interest =>
`((15,000*7.5*1)/(100*12) )` => $93.75

= $15,093.75

Less payment => $185.49

= $14,908.26

Second Month:

Principal => $14,908.26

Add interest =>
`((14,908.26*7.5*1)/(100*12))` => $93.18

= $15,001.44

Less payment => $185.49

= $14,815.95

Third Month:

Principal => $14,815.95

Add interest =>
`((14,815.95*7.5*1)/(100*12))` => $92.60

= $14,908.55

Less payment => $185.49

Balance = $14,723.06