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you purchase a car for 20,000 you made a down payment of 5,000 and took out a loan for the rest. what is the principle balance of the loan
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you purchase a car for 20,000 you made a down payment of 5,000 and took out a loan for the rest. what is the principle balance of the loan

User Fredmat
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1 Answer

1 vote

Answer:

15,000

Step-by-step explanation:

The principal amount in a loan is the amount borrowed. It is the amount from which interest is calculated. When repaying a loan, the full principal amount and the interest must be paid.

The car is valued at 20,000. A deposit of 5000 is paid. the principal amount in the loan is 15,000. (20,000 - 5000)

User Berke Cagkan Toptas
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