Question

Answer the question below using the following amortization table.


Month Principal Paid Interest Paid Balance
21 $654.86 $1,029.52 $172,786.91
22 $658.76 $1,025.62 $172,128.15
23 $662.69 $1,021.69 $171,465.46
24 $666.65 $1,017.73 $170,798.81
25 $670.64 $1,013.74 $170,128.17


What is the regular monthly payment?
$1684.38
$1021.66
$662.72
$358.94

Answer 1

@austinL

Answer 2

@campbell_st

Answer 3

@campbell_st i am still not understanding?

Answer 4

654.86 @campbell_st

Answer 5

right?

Answer 6

@campbell_st

Answer 7

@campbell_st

Answer 8

well look at the change in the closing balance...

my best guess is the change in the closing balance + the change in principal paid

so

repay = week 21 closing balance - week 22 closing balance + (658.76 - 654.86)