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Principal balance on the loan

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Reference no: EM131402232

Assume the following information for a car note:

Original loan amount = $27,500 Annual interest rate = 7.8% Term of loan = 36 months

How much principal and interest was paid in the first year, and what is the principal balance on the loan after year one?

  • $8,463.98 of principal; $1,846.66 of interest; balance due $19,036.02
  • $8,586.89 of principal; $1,657.15 of interest; balance due $18,913.11
  • $7,670.13 of principal; $1,720.20 of interest; balance due $19,829.87
  • $7,733.19 of principal; $1,718.18 of interest; balance due $19,766.81
  • $8,518.93 of principal; $1,791.65 of interest; balance due $18,300.60

Reference no: EM131402232

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