Question
Joseph used the Quantitative Reasoning Process to createa plan to pay off his student loans of $8,760. The interest rate on his loanis4.1%annually and he
Joseph used the Quantitative Reasoning Process to createa plan to pay off his student loans of $8,760. The interest rate on his loanis4.1%annually and he plans to make monthly payments of $89.11 for 10 years. Complete months 1 and 2 ofthe amortization table below.
How much of Joseph'spayment goes toInterestin Month 2?
| Month | Beginning Balance | Payment: To Interest | Payment: To Principal | Ending Balance |
| 1 | ||||
| 2 | ?? | |||
| 3 |
(Round your FINAL answer to the nearest cent.)
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Matlab An Introduction with Applications
Authors: Amos Gilat
5th edition
1118629868, 978-1118801802, 1118801806, 978-1118629864
