Jasmine purchased a machine for $29,500 for her company. She paid 5.00% of this amount as...

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Jasmine purchased a machine for $29,500 for her company. She paid 5.00% of this amount as...

Jasmine purchased a machine for $29,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 6.12% compounded monthly. She paid $1,125 at the end of every month to settle the loan.

What was the principal portion of payment number 4?

What was the interest portion of payment number 4?

business finance

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Answer 1

Answer #1

Loan 29500*95% $ 28,025.00 G=a*0.0612/12 Interest d=b-c Pricipal Month Beginning Loan Balance $28,025.00 $27,042.93 $26,055.8

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Answer 2

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