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  • 28-12-2020
  • Business
contestada

The interest portion of a monthly loan payment is $427.93. If the interest rate is 6.875%, what is the current principal balance

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juli20722
juli20722 juli20722
  • 29-12-2020

The current principal balance is $74, 693.24

Hope it helps :)

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andromache andromache
  • 30-12-2021

The current principal balance is $74,693.24.

Given that,

  • The interest portion of a monthly loan payment is $427.93.
  • And, the interest rate is 6.875%.

Based on the above information, the calculation is as follows:

Annual interest = $427.93 × 12

= $5,135.16

Now  

Principal is

= $5,135.16 ÷ .06875

= $74,693.24

Learn more: brainly.com/question/16911495

Answer Link

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