What is the balance of loan after three payments

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Reference no: EM131346289

Mr. data secures an installment loan to finance his study of cast food supplement to reduce his friends worf's allergies. reaction to his pet , spot the loan is $30,000 fort 12 months at 5.5% interest use the chart below to calculate the monthly payment then use the repayment schedule below to help you calculate the balance of the loan over time what is the balance of Mr. data's loan after three payments?

This is the chart :

monthly payment loans interest of $100

term months :

4.50% 4.75% 5.00% 5.25% 5.50% 5.75%

6.00%

6:$16.89 $16.90 $16.92 $16.94 $16.95

$16.96

12(1yr): $8.53 $ 8.55 $8.56 $ 8.57 $8.58

$8.60 $ 8.61

18:$5.76 $5.77 $5.78 $5.79 $5.80 $ 5.81

$5.82

24(2yr):$4.37 $4.38 $4.39 $4.40 $4.41

$4.42 $4.43

60(5yr): $1.86 $1.88 $1.89 $1.90 $1.92

$1.93

Reference no: EM131346289

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