How much principal will be repaid by the first monthly payment of $750 on a $22,000 loan at 15% compounded monthly?

Name: How much principal will be repaid by the first monthly payment of $750 on a $22,000 loan at 15% compounded monthly?
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Question

Quizplus · Accepted Answer

To find the principal repaid, first calculate the monthly interest: $22,000 * (15%/12) = $275. The principal repaid is the payment minus the interest: $750 - $275 = $475.

How Much Principal Will Be Repaid by the First Monthly