installment loan principal $1,110 term length...
installment loan principal $1,110 term length 2 1/2 years interest rate 12% monthly payment $43 how much of the 26th payment will go to principal if there is an outstanding principal of $209? interest on 26th payment = $2.09 principal on 26th payment = $? round to the nearest hundredth.
Answer
# Answer:
$40.91$
# Explanation:
## Step1: Recall payment - principal relationship
Monthly payment = Interest + Principal
## Step2: Calculate principal amount
Principal = Monthly payment - Interest
Given monthly payment = $43$ and interest = $2.09$.
Principal = $43 - 2.09=40.91$