Question

To purchase a new car, you borrow $29,000 for 11 years at the rate of interest of 9.1% APR compounded monthly, and you make monthly car payments. How much interest do you pay on the 6th payment?"

Answer #1

EMI CALCULATOR | ||||

LOAN AMOUNT | 29000 | |||

RATE OF INTEREST PER ANNUM | 0.091 | |||

RATE OF INTEREST PER MONTH | 0.007583333 | |||

NO OF INSTALLMENT | 132 | |||

62 | ||||

EMI | 348.466875 | |||

CALCULATION OF DETAILS OF EMI | ||||

MONTHS | EMI | INTEREST | PRINCIPAL REPAYMENT | OST PRINCIPAL |

0 | 29000 | |||

1 | 348.466875 | 219.9166667 | 128.5502083 | 28871.44979 |

2 | 348.466875 | 218.9418276 | 129.5250474 | 28741.92474 |

3 | 348.466875 | 217.959596 | 130.507279 | 28611.41747 |

4 | 348.466875 | 216.9699158 | 131.4969592 | 28479.92051 |

5 | 348.466875 | 215.9727305 | 132.4941444 | 28347.42636 |

6 | 348.466875 | 214.9679832 |
133.4988917 | 28213.92747 |

Hence Answer is **214.97**

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