Answer:
$8,100
Explanation:
Following is the table that will we used to compute last payment made:
Op, Principal Principal Repayment Interest Cl. Principal
1 150,000 7,500 12,000 142,500
2 142,500 7,500 11,400 135,000
3 135,000 7,500 10,800 127,500
4 127,500 7,500 10,200 120,000
5 120,000 7,500 9,600 112,500
6 112,500 7,500 9,000 105,000
7 105,000 7,500 8,400 97,500
8 97,500 7,500 7,800 90,000
9 90,000 7,500 7,200 82,500
10 82,500 7,500 6,600 75,000
11 75,000 7,500 6,000 67,500
12 67,500 7,500 5,400 60,000
13 60,000 7,500 4,800 52,500
14 52,500 7,500 4,200 45,000
15 45,000 7,500 3,600 37,500
16 37,500 7,500 3,000 30,000
17 30,000 7,500 2,400 22,500
18 22,500 7,500 1,800 15,000
19 15,000 7,500 1,200 7,500
20 7,500 7,500 600 -
Here
Closing Principal = Opening Principal - Principal Repayment
The last final payment would be:
Final Payment = Last Principal Repayment Amount + Last Interest Payment
Now the values from the above table are given as under:
Last Principal Repayment Amount is $7,500
Last Interest Payment is $600
By putting values in the above equation, we have:
Final Payment = $7,500 + $600 = $8,100
