A loan is obtained, at monthly payments, over 12 months.
The amount that went to principal at 3rd pay't = 804.34
The amount that went to principal at 7th pay't = 837.00
How much was borrowed, at what rate, at what monthly pay't?
A loan is obtained, at monthly payments, over 12 months.
The amount that went to principal at 3rd pay't = 804.34
The amount that went to principal at 7th pay't = 837.00
How much was borrowed, at what rate, at what monthly pay't?
Above is the resulting loan.Code:MTH [PAYMENT] PRINCIPAL INTEREST BALANCE 0 10,000.00 1 888.48 788.48 100.00 9,211.52 ... 3* 888.48 804.34* 84.14 7,610.81 ... 7* 888.48 837.00* 51.48 4,312.21 ... 11 888.48 870.98 17.50 879.69 12* 888.48 879.69 8.79 .00
* = the givens
Hint: PRINCIPAL amounts increase by a factor of 1+i,
(i being the monthly loan rate).