About two months ago, you got a $2,000.00, 180-day, 13% consumer loan. Today you made a $1,000.00 payment, resulting ina balance of $1,042.74. Thirty-eight days later, you pay the loan in full. Calculate the total amount of the payoff payment.

Step 1 - Determine the principal amount of the payment -

Step 2 - Calculate the amount of interest portion of the payment -

Step 3 - Calculate the total payment -