The interest portion of a monthly loan payment is $427.93. If the interest rate is 6.875%, what is the current principal balance

Answers

Answer 1

The current principal balance is $74, 693.24

Hope it helps :)

Answer 2

The current principal balance is $74,693.24.

Given that,

The interest portion of a monthly loan payment is $427.93. And, the interest rate is 6.875%.

Based on the above information, the calculation is as follows:

Annual interest = $427.93 × 12

= $5,135.16

Now  

Principal is

= $5,135.16 ÷ .06875

= $74,693.24

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Related Questions

Temperature at 8:00 A.M.: -15°C.
Temperature rose 8°C during the
next hour. What was the
temperature at 9:00 AM ?

Answers

-7°celcius is the answer man

Linda purchased a washing machine and dryer set for $1,299 on a deferred payment plan. She needs to pay $80
per month for 6 months and the remaining balance in month 7. How much will Linda pay back in 6 months, and
what will the amount of her final payment be?

HELP PLEASE

Answers

Answer:

In six months, Linda will pay : $480

Final payments :$819

Explanation:

The monthly payments are $80 for six months.

For six months, Linda will have paid $80 times six months

=$80 x 6

=$480

The amount for her final payments will be the total of the two items  minus the installment payments

=$1,299 - $480

=$819

why is training important

Answers

These reasons include:-

Increased job satisfaction and morale among employees.Increased employee motivation.Increased efficiencies in processes, resulting in financial gain.Increased capacity to adopt new technologies and methods.Increased innovation in strategies and products.Reduced employee turnover.

Which tasks are commonly done by employees in the Energy cluster? Check all that apply.

installing equipment
performing inspections
interpreting technical plans
manufacturing gauges
designing systems
following schedules
gathering information

Answers

Answer:

Installing equipment, designing systems, gathering information

The tasks that are commonly done by employees in the energy cluster include installing equipment, designing system, and gathering information.

Energy cluster simply means civil law agreements between the entities which is aimed at bringing efficiency with regards to energy usage.

It should be noted that the tasks that are commonly done by employees in the energy cluster include installing equipment, designing system, and gathering information.

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https://brainly.com/question/17216239

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