Yusra has a term loan and after her 42nd payment she still owes $6,728.25.  The annual interest rate on this loan is 4.86%.  This month she is making payment 43.  Her monthly payment is $323.41.  How much will her "balance owed" decrease?

Personal Finance
13th Edition
ISBN:9781337669214
Author:GARMAN
Publisher:GARMAN
Chapter7: Credit Cards And Consumer Loans
Section: Chapter Questions
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Question 4

Yusra has a term loan and after her 42nd payment she still owes $6,728.25.  The annual interest rate on this loan is 4.86%.  This month she is making payment 43.  Her monthly payment is $323.41.  How much will her "balance owed" decrease?

Round your answer to the nearest penny.  Input the dollar sign followed by the number.  Do not put a space between the dollar sign and the number.  Example:  $167.89

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