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Don Stone obtained an $8.500 installment loan at 14% for 42 months. The loan's balance after 26 payments is 3.733.55. What is the interest for payment 27?

Don Stone Obtained An 8500 Installment Loan At 14 For 42 Months The Loans Balance After 26 Payments Is 373355 What Is The Interest For Payment 27 class=

Sagot :

Given:

The unpaid balance after the 26 payments is $3,733.55.

Therefore, the interest for payment 27 will be

[tex]14\text{ \% of \$3733.55}[/tex]

Evaluating

[tex]\frac{14}{100}\times3733.55=0.14\times3733.55=522.697\approx522.70(nearest\text{ cent)}[/tex]

Hence, the interest for payment 27 is $522.70.

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