Question

Asked Sep 29, 2019

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Assume the following information for a car note:

Original loan amount = $23,500 Annual interest rate = 7.25% Term of loan = 24 months

What is the principal balance on the loan after six months?

Step 1

**Calculation of Principal Balance:**

The principal balance on the loan after six months is** $17,939.55.**

**Excel Spreadsheet:**

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