The opening balance of Company A is 25,000, and the repayment is scheduled for 1,000 per month at an annual interest rate of 5%. Use the average debt balance to calculate the interest payment. The closing balance of debt at the end of the month is and the interest payment is .

Closing balance of debt at the end of the month = $24,000

Interest payment = $102.08

Explanation:

The computation of closing balance of debt at the end of the month and the interest payment is shown below:-

Closing balance of debt at the end of the month = Opening balance of company A - Scheduled Repayment per month

= $25,000 - $1,000

= $24,000

Interest payment =  Average Debt × Annual interest rate × 12 months

= (($25,000 + $24,000) ÷ 2) × 0.05 ÷ 12  months

= $102.08

Therefore we have applied the above formulas.

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u = 30

continuing your method

= +

subtract from both sides

= - thus

= -

= ⇒ u = 30