Question
Tyson used the Quantitative Reasoning Process to createa plan to pay off his student loans of $5,000. The interest rate on his loanis3.1%annually and he
Tyson used the Quantitative Reasoning Process to createa plan to pay off his student loans of $5,000. The interest rate on his loanis3.1%annually and he plans to make monthly payments of $48.51 for 10 years. Complete months 1 and 2 ofthe amortization table below.
How much of Tyson'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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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
