installment loan\nprincipal $2,680\nterm length 3 years\ninterest rate 12%\nmonthly payment $89\nhow much of…

installment loan\nprincipal $2,680\nterm length 3 years\ninterest rate 12%\nmonthly payment $89\nhow much of the 19th payment will go to principal if there is an outstanding principal of $1,460?\ninterest on 19th payment = $14.60\nprincipal on 19th payment = $?\nround to the nearest hundredth.

installment loan\nprincipal $2,680\nterm length 3 years\ninterest rate 12%\nmonthly payment $89\nhow much of the 19th payment will go to principal if there is an outstanding principal of $1,460?\ninterest on 19th payment = $14.60\nprincipal on 19th payment = $?\nround to the nearest hundredth.

Answer

Explanation:

Step1: Recall payment - principal relationship

Monthly payment consists of interest and principal.

Step2: Calculate principal amount

Principal = Monthly payment - Interest. Given monthly payment is $89 and interest on 19th payment is $14.60. So, Principal = $89 - $14.60. $89−14.60 = 74.40$

Answer:

$74.40$