You're ready to make the last of four equal,annual payments on a $1,000 loan with a 10% interest rate.If the amount of the payment is $315.47,how much of that payment is accrued interest?
A) $28.68
B) $31.55
C) $100.00
D) $315.47

Name: You're ready to make the last of four equal,annual payments on a $1,000 loan with a 10% interest rate.If the amount of the payment is $315.47,how much of that payment is accrued interest? A) $28.68 B) $31.55 C) $100.00 D) $315.47
Brand: Quizplus
Rating: 4.9 (37 reviews)

Question

Quizplus · Accepted Answer

$315.47 − ($315.47 / 1.1) = $28.68

You're Ready to Make the Last of Four Equal,annual Payments