installment loan principal $2,240 term length 2 1/2 years interest rate 15% monthly payment $90 how much of…

installment loan principal $2,240 term length 2 1/2 years interest rate 15% monthly payment $90 how much of the 11th payment will go to principal if there is an outstanding principal of $1,584? interest on 11th payment = $19.80 principal on 11th payment = $? round to the nearest hundredth.

installment loan principal $2,240 term length 2 1/2 years interest rate 15% monthly payment $90 how much of the 11th payment will go to principal if there is an outstanding principal of $1,584? interest on 11th payment = $19.80 principal on 11th payment = $? round to the nearest hundredth.

Answer

Answer:

$70.20$

Explanation:

Step1: Recall payment - principal relationship

Monthly payment = Interest + Principal

Step2: Calculate principal amount

Principal = Monthly payment - Interest Principal = $90 - 19.80=70.20$