SOLUTION: John's three year home improvement loan is to be repaid in monthly installments of $375.90 each. If the annual rate (as simple interest) is 14.4%, what is the principal of the loa
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Question 69362: John's three year home improvement loan is to be repaid in monthly installments of $375.90 each. If the annual rate (as simple interest) is 14.4%, what is the principal of the loan. Answer by Smirnov(15) (Show Source):
You can put this solution on YOUR website! Lets find monthly intrest:
14.4%/12= 1.2%.
Lets find INTREST PER MONTH:
(375.90/100)*1.2 is 4.5108 or about $4.51
Lets multiply by 36 months:
4.5108*36=162.3888 or about 162.39.
Find total paid:
375.90*36=13532.40
and subtract the 162.39...
the principal would be 13370.01
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