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Kyle used the Quantitative Reasoning Process to createa plan to pay off his student loans of $7,680. The interest rate on his loanis2.1%annually and he
Kyle used the Quantitative Reasoning Process to createa plan to pay off his student loans of $7,680. The interest rate on his loanis2.1%annually and he plans to make monthly payments of $71.01 for 10 years. Complete months 1 and 2 ofthe amortization table below.
How much of Kyle'spayment goes toInterestin Month 2?
Month | Beginning Balance | Payment: To Interest | Payment: To Principal | Ending Balance |
1 | ||||
2 | ?? | |||
3 |
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