What is the unpaid balance after the first payment

Reference no: EM13288627

You take out an amortized loan for $3,000 at an interest rate of 9% for five years. Your monthly payments are $62.28. If $22.50 of the first payment goes toward interest and $39.78 of the first payment goes toward the principal, what is the unpaid balance after the first payment?

Reference no: EM13288627

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