installment loan principal $1,810 term length 3 1/2 years interest rate 12% monthly payment $53 how much of…

installment loan principal $1,810 term length 3 1/2 years interest rate 12% monthly payment $53 how much of the 31st payment will go to principal if there is an outstanding principal of $596? interest on 31st payment = $5.96 principal on 31st payment = $? round to the nearest hundredth.

installment loan principal $1,810 term length 3 1/2 years interest rate 12% monthly payment $53 how much of the 31st payment will go to principal if there is an outstanding principal of $596? interest on 31st payment = $5.96 principal on 31st payment = $? round to the nearest hundredth.

Answer

Answer:

$47.04$

Explanation:

Step1: Recall payment - principal relation

Monthly payment = Interest + Principal

Step2: Calculate principal amount

Principal = Monthly payment - Interest Principal = $53 - 5.96=47.04$