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The McCloud family is purchasing a new refrigerator. The price is $2000. They are charging the purchase to the store credit, and are making the
The McCloud family is purchasing a new refrigerator. The price is $2000. They are charging the purchase to the store credit, and are making the minimum payment of 3% of the balance. The company tells them that when making the minimum monthly payment, 80% of the minimum payment goes toward interest and the remaining portion of the minimum payment goes toward the principal.
Calculate the monthly payment details for the first six months of minimum payments.
Number of Months (n) | Balance before monthly payment($) | Minimum monthly payment ($) | Amount paid toward principal ($) | Amount Paid toward Interest ($) | Balance after monthly payment ($) |
1 | |||||
2 | |||||
3 | |||||
4 | |||||
5 | |||||
6 |
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