installment loan principal $5,580 term length 4 years interest rate 12% monthly payment $147 how much of the…

installment loan principal $5,580 term length 4 years interest rate 12% monthly payment $147 how much of the 16th payment will go to principal if there is an outstanding principal of $4,112? interest on 16th payment = $41.12 principal on 16th payment = $? round to the nearest hundredth.

installment loan principal $5,580 term length 4 years interest rate 12% monthly payment $147 how much of the 16th payment will go to principal if there is an outstanding principal of $4,112? interest on 16th payment = $41.12 principal on 16th payment = $? round to the nearest hundredth.

Answer

Answer:

$105.88$

Explanation:

Step1: Recall payment - principal relationship

Monthly payment = Interest + Principal

Step2: Calculate principal amount

Principal = Monthly payment - Interest Principal = $147 - 41.12$ Principal = $105.88$