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Josef took a loan from Banco Verde to start his business selling clothing. The following table show the payments and interest for 3 months on
Josef took a loan from Banco Verde to start his business selling clothing. The following table show the payments and interest for 3 months on this loan account. The initial loan was $185. Assume the interest rate is 1% per month (12% APR) and that the interest is charged on the balance from the previous month. Fill in the blanks. Round your answers to two decimal places. Month Payment Interest Balance 0 - - $185 1 $37 $1.85 2 $25 3 $40
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