Question: The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file,

 The third file is for a client named Alexei. Alexei took

The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information: Original loan amount: $49,000 Current loan outstanding: $44581.11 Monthly repayment: $760 Next repayment: Due exactly 1 month from now Interest rate on loan:112=10% For the purposes of the remaining questions, use the rounded values given above. Using this information, de ermine the following: How much principal has Alexei repaid over the last year? Give your answer to the nearest cent, and do NOT include a dollar sign. Answer: Question 9 Not yet saved Marked out of 1.00 Flag question How much interest has Alexei been charged over the past year? Give your answer to the nearest cent, and do NOT include a dollar sign

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!