Respuesta :
Answer:
The amount that will go towards the balance is 385.71.
Step-by-step explanation:
The information provided is:
P = Principal of loan = $15,000
r = interest rate = 5.4% p.a. = [tex]\frac{0.054}{12}= 0.0045[/tex]
n = number of periods = 36
The amount of the monthly payment that will go towards the balance is:
Amount towards the balance = EMI - Interest
First compute the Equated monthly installments (EMI) as follows:
[tex]EMI=\frac{P\times r\times (1+r)^{n}}{(1+r)^{n}-1} \\=\frac{15000\times0.0045\times(1+0.0045)^{36}}{(1+0.0045)^{36}-1} \\=\frac{79.3125}{0.175}\\=453.21[/tex]
Now compute the interest as follows:
[tex]Interest=P\times r\\=15000\times0.0045\\=67.5[/tex]
The amount that will go towards the balance is,
Amount towards the balance = EMI - Interest
= 453.21 - 67.5
= 385.71
Thus, the amount that will go towards the balance is 385.71.
Answer:
the answer is 384.76
Step-by-step explanation:
the other answer was wrong for me
