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What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign. The third
What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign. The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information: Original loan amount: $58,000 Current loan outstanding: $52635.44 Monthly repayment: $850 Next repayment: Due exactly 1 month from now Interest rate on loan:112=8.7% For the purposes of the remaining questions, use the rounded values given above. Using this information, determine the following: How much principal has Alexei repaid over the last year? Give your answer to the nearest cent, and do NOT include a dollar sign.
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