asked 51.1k views
4 votes
Ruby Red borrowed $7500 for the diner at 8.1% compounded monthly. She agreed to repay the loan in equal monthly payments over four years. What is the size of the monthly payment? How much of the 15th payment is interest? What is the principal repaid in the 36th payment period? Prepare a partial amortization schedule.

asked
User Dmyan
by
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1 Answer

0 votes

Monthly payment : $182.21

Interest : $49.49

Principal : $132.72

answered
User Patan
by
8.0k points
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