installment loan\nprincipal $5,390\nterm length 3 years\ninterest rate 15%\nmonthly payment $187\nhow much…

installment loan\nprincipal $5,390\nterm length 3 years\ninterest rate 15%\nmonthly payment $187\nhow much of the 20th payment will go to principal if there is an outstanding principal of $2,842?\ninterest on 20th payment = $35.53\nprincipal on 20th payment = $?

installment loan\nprincipal $5,390\nterm length 3 years\ninterest rate 15%\nmonthly payment $187\nhow much of the 20th payment will go to principal if there is an outstanding principal of $2,842?\ninterest on 20th payment = $35.53\nprincipal on 20th payment = $?

Answer

Explanation:

Step1: Recall payment - principal relationship

Monthly payment = Interest + Principal.

Step2: Rearrange to find principal

Principal = Monthly payment - Interest. Given monthly payment is $187 and interest on 20th payment is $35.53. Principal = $187 - $35.53

Answer:

$151.47