Kumar uses a $1,100 personal loan to start a bike repair business. He will repay the loan in monthly payments of $93.72 for 1 year at an annual interest rate of 4.1% compounded monthly. The table shows the first payment in the amortization schedule. Payment Number Loan Amount Payment Interest Principal Remaining Balance 1 $1,100.00 $93.72 ? What balance remains after he makes the first payment? $1,193.72 $1,006.28 $1,096.24 $1,010.04

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Kumar uses a $1,100 personal loan to start a bike repair business. He will repay the loan in monthly payments of $93.72
for 1 year at an annual interest rate of 4.1% compounded monthly.
The table shows the first payment in the amortization schedule.
Payment Number
Loan Amount
Рayment
Interest
Principal
Remaining Balance
1
$1,100.00
$93.72
?
What balance remains after he makes the first payment?
$1,193.72
$1,006.28
$1,096.24
$1,010.04
Transcribed Image Text:Kumar uses a $1,100 personal loan to start a bike repair business. He will repay the loan in monthly payments of $93.72 for 1 year at an annual interest rate of 4.1% compounded monthly. The table shows the first payment in the amortization schedule. Payment Number Loan Amount Рayment Interest Principal Remaining Balance 1 $1,100.00 $93.72 ? What balance remains after he makes the first payment? $1,193.72 $1,006.28 $1,096.24 $1,010.04
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