27. Facts: $100,000 loan, 30 years, fixed rate of 8%, monthly payment of $733.76. What is...
27. Facts: $100,000 loan, 30 years, fixed rate of 8%, monthly payment of $733.76. What is the loan balance after the first month?
A. $100,000
B. $99,933
C. $99,267
D. $92,000
E. $67
Please show work, THanks!
Homework Answers
Answer is $99,933
Annual interest rate = 8.00%
Monthly interest rate = 8.00% / 12
Monthly interest rate = 0.6667%
First Month:
Beginning loan outstanding = $100,000
Interest paid = 0.66667% * $100,000
Interest paid = $666.67
Principal repaid = Cash paid - Interest paid
Principal repaid = $733.76 - $666.67
Principal repaid = $67.09
Ending loan outstanding = $100,000.00 - $67.09
Ending loan outstanding = $99,932.91
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