Question

12. Matty Kaminsky owns a new Volvo. His June monthly interest was $400. The rate is 8 ½ percent. Matty's principal balance at the beginning of June is: (Use 360 days)

Answer 1

The interest per month is:\[I_{monthly}=\frac{0.085}{12}=0.0070833333\]\[0.0070833333x=$400\]\[x=$56,470.5885=$56,470.59\]

Answer 2

thank you so much