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Charley Bateman obtained a loan of $2,400 to install a solar panel on his roof. The interest rate is 12% and the monthly payment is $113.04. How much of the first monthly payment covered principal?

Respuesta :

Aliwohaish12
Interest
2,400×0.01
=24
monthly payment covered principle
113.04−24
=89.04

Hope it helps

Answer:

[tex]89.04\\[/tex] $

Step-by-step explanation:

The interest rate is on annual basis

Amount collected as interest per month

[tex]= (\frac{12}{100} * 2400)/12\\= 24\\[/tex]

The principal amount in the first monthly payment

[tex]= 113.04 -24\\= 89.04\\[/tex]

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