installment loan principal $5,580 term length...
installment loan principal $5,580 term length 4 years interest rate 12% monthly payment $147 how much of the 16th payment will go to principal if there is an outstanding principal of $4,112? interest on 16th payment = $41.12 principal on 16th payment = $? round to the nearest hundredth.
Answer
# Answer:
$105.88$
# Explanation:
## Step1: Recall payment - principal relationship
Monthly payment = Interest + Principal
## Step2: Calculate principal amount
Principal = Monthly payment - Interest
Principal = $147 - 41.12$
Principal = $105.88$