Respuesta :
Answer:
which is $198,908 to the nearest dollar.
Step-by-step explanation:
For the first month, the outstanding balance is $200,000, and the amount of interest accrued is
$200,000×0.0412=$666.67.
For the first month the amount deducted from the loan principal is ($1,211.96−$666.67)=$545.29, so the balance on the loan after the first month is
$200,000−$545.29=$199,454.71.
For the second month, the outstanding balance is $199,454.71, and the amount of interest accrued is
$199,454.71×0.0412=$664.85,
measured to 2 decimal places. For the second month the amount deducted from the loan principal is ($1,211.96−$664.85)=$547.11. The balance on the loan after the second month is
$199,454.71−$547.11=$198,907.60,
The balance on the loan will be $198,908.
Based on the information given, the amount of interest for the first month will be:
= $200,000 × 0.0412
= $666.67
During the first month, the amount subtracted from the loan will be:
= $12111.96 - $666.67
= $545.29.
The interest accrued for the second month will be:
= $199454.71 × 0.0412
= $664.85
Therefore, the balance on the loan after the second month will be:
= $199454.71 - $547.11
=$198,907.60
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