SOLUTION: A business loan of Php 45,000 is given to Mr. Smith. The monthly payment for the loan amounts to Php 11,485.35 for 4 months. The interest rate used is 10% convertible monthly. How

Question 1184250: A business loan of Php 45,000 is given to Mr. Smith. The monthly payment for the loan amounts to Php 11,485.35 for 4 months. The interest rate used is 10% convertible monthly. How much is the outstanding balance after the first payment?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the outstanding balance when you start is 45,000
the monthly interest rate is 10/12/100 = .00833333.....
the 45000 is multiplied by (1 + .00833333.....) to get 45375.
the 11,485.35 is then subtracted to get 33889.65 remaining balance after the first payment.

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