After Judy Steinway, from the example above, makes her 7 th payment, she owes $ 3 ,

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Question:

After Judy Steinway, from the example above, makes her

7

th payment, she owes $

3, 507.59 .

How much of the

8

th monthly payment is interest? How much of the

8

th monthly payment is for principal? What is the new balance after she makes her

8

th payment?Interest:Payment to principal:New principal:

The previous interest rate is $

26.00

The previous payment to principal is $

96.12

The previous new principal is $

5103.88

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

See More Books

Posted Date: May 11, 2024 03:32 PM

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After Judy Steinway, from the example above, makes her 7 th payment, she owes $ 3 ,

Question:

Expert Answer:

Answer To calculate the interest principal and new balance after Judy Stei... View the full answer

Intermediate Accounting

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