installment loan principal $1,810 term length...
installment loan principal $1,810 term length 3 1/2 years interest rate 12% monthly payment $53 how much of the 31st payment will go to principal if there is an outstanding principal of $596? interest on 31st payment = $5.96 principal on 31st payment = $? round to the nearest hundredth.
Answer
# Answer:
$47.04$
# Explanation:
## Step1: Recall payment - principal relation
Monthly payment = Interest + Principal
## Step2: Calculate principal amount
Principal = Monthly payment - Interest
Principal = $53 - 5.96=47.04$