The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 4?
the formula is principal x rate x time
i dont if im plugging in the right numbers???

Question

The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 4?
the formula is principal x rate x time
i dont if im plugging in the right numbers???

anonymous · Answer

attachment

ganeshie8 · Answer

you're doing fine. also update the new principal column

anonymous · Answer

Im confused on whether or not the principal for the formula would be the principal amount or the new principal?

ganeshie8 · Answer

It is always new principal

ganeshie8 · Answer

you pay interest on the new principal, not on initial original old principal

ganeshie8 · Answer

calculating new principal at the start of 4th month is easy, can u do that ?

anonymous · Answer

@ganeshie8 is there a formula that I can just plug months into?