Homework Answers
For 1st month
Interest payment = 10%*22000 / 12 = 183.33
Repayment of principal = 557.98 - 183.33 = 374.65
For 2nd month
Interest payment = 10%* 21625.35 / 12 = 180.21
Repayment of principal = 557.98 - 180.21 = 377.77
Remaining balance = 21625.35 - 377.77 = 21247.58
For 13th month
Previous balance (12th month) = 144.10*12/10% = 17292.35
Repayment of principal = 557.98 - 144.10 = 413.88
Remaining balance = 17292.35 - 413.88 = 16878.47
This is shown in the tabular form
| End of month | interest payment | Repayment of principal | Remaining loan balance |
| 0 | 0.0 | 0.0 | 22000.0 |
| 1 | 183.33 | 374.65 | 21625.35 |
| 2 | 180.21 | 377.77 | 21247.58 |
| 13 | 144.10 | 413.88 | 16878.47 |
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