Quiz: Lesson 9 Quiz zzes/76483/take 110% Search Gateway Suggested Sites Web Slic

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Quiz: Lesson 9 Quiz zzes/76483/take 110% Search Gateway Suggested Sites Web Slice DQuestion 6 10 pts Troy has been making payments on his 9.5% boat loan for what seems like forever! Troy made a payment on May 1, 2012. His balance after that payment was $3,129.84. He just sold some stock and decide to use part of the money to pay off the boat loan on May 24, 2012. How many days do you pay interest? How much is the principal amount of the payment? How much is the interest amount of the payment? How much is the total payoff amount? What is the balance after this payment? 2 pts Question 7

Explanation / Answer

How many days do you pay interest ? = from May 1,2012 to May 24,2012 = 23 days How much is the principal amount of the payment ? = $3129.84 How much is the interest amount of the payment ? = {[$3129.84*9.5%]/366 days}*23 days = $18.68 How much is the total pay off amount ? = $3129.84 + $18.68 = $3148.52 What is the balance after this payment ? = NIL

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