SOLUTION: Marie borrowed $3500 on a one-year simple interest loan at 15% interest. The monthly payments were $300. Please help me find the amount of interest, the amount applied to the princ

Question 1099065: Marie borrowed $3500 on a one-year simple interest loan at 15% interest. The monthly payments were $300. Please help me find the amount of interest, the amount applied to the principal, and the new balance for the first monthly payment.
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
$3500 on a one-year, simple interest loan at 15% would equal a total amount of 3500*1.15, or $4025 balance due by the end of the year. After the first payment:
1.15n=300
n=260.87 applied to the principal, $39.13 applied as interest. The new balance after the first payment would be 4025-300=$3,725 balance
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