document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1099065>Question 1099065</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #713621 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel1380><B>jorel1380(3719)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel1380><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=jorel1380><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=713621\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> $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:<BR>\n" );
document.write( "1.15n=300<BR>\n" );
document.write( "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<BR>\n" );
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