Question

Kelly is paying off a loan she took out to purchase a used car. The loan was for $7000. She pays an interest rate of 6% annually (or 0.5% monthly). The loan's interest is compounded monthly and she also makes a payment of $200 each month. If she purchased the car on January 1st determine how much interest she will pay on June 30th. Date Loan Interest Installment Value Owed Added 01/31 $7000.00 $35.00 -$200.00 02/28 $6835.00 $34.18 -$200.00 03/31 $6669.18 $33.35 -$200.00 04/30 $6502.53 05/31 06/30 a) $25.61 b) $28.42 c) $36.75 d) $30.83

          Kelly is paying off a loan she took out to purchase a used car. The loan was for
$7000. She pays an interest rate of 6% annually (or 0.5% monthly). The loan's
interest is compounded monthly and she also makes a payment of $200 each month.
If she purchased the car on January 1st determine how much interest she will pay on
June 30th.
Date
Loan
Interest
Installment
Value
Owed
Added
01/31
$7000.00
$35.00
-$200.00
02/28
$6835.00
$34.18
-$200.00
03/31
$6669.18
$33.35
-$200.00
04/30
$6502.53
05/31
06/30
a) $25.61
b) $28.42
c) $36.75
d) $30.83

Kelly is paying off a loan she took out to purchase a used car. The loan was for
7000. She pays an interest rate of 6% annually (or 0.5% monthly). The loan's
interest is compounded monthly and she also makes a payment of200 each month.
If she purchased the car on January 1st determine how much interest she will pay on
June 30th.
Date
Loan
Interest
Installment
Value
Owed
Added
01/31
7000.0035.00
-200.00
02/286835.00
34.18
-200.00
03/31
6669.1833.35
-200.00
04/306502.53
05/31
06/30
a) 25.61
b)28.42
c) 36.75
d)30.83

Added by Makayla T.

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