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20 August, 07:07

Charley Bateman obtained a loan of $2,400 to install a solar panel on his roof. The interest rate is 12% and the monthly payment is $113.04. How much of the first monthly payment covered principal?

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  1. 20 August, 07:29
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    Charley Bateman obtained a loan of $2,400 to install a solar panel on his roof. since the interest rate is 12 %, so the amount of the fisrt monthly payment covered he principal is 100 - 12 = 88 % of the monthly payment. so the answer is monthly payment covered principal = $ 113.04 * 0.88 = $ 99.48
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