Mathematics, 28.11.2020 14:00 santileiva123199

the Balance is 24000 monthly payment is 414.96 and rate of interest is 7.5%. what is the interest payment, principal payment, and principal balance.

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Answer from: emilyanneK2540

Step-by-step explanation:

Loan Payment Calculator

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (The student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.) Credible also offers a calculator tool to help estimate the costs of a student loan.

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. Currently the 2020-2021 Undergraduate Federal Stafford Loan has a fixed interest rate of 2.75% (a record low) and the Federal PLUS loan has a fixed rate of 5.3%. (Perkins loans have a fixed interest rate of 5%.)

The calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment.

Answer from: Quest

option (b) is correct

step-by-step explanation:

to find the solution of this system, we need to convert it into reduced row-echelon form. we have,

$\begin{bmatrix}1 & 0 & 0& |5 \\ 0& 2& 0& |8\\ 0& 0& 3& |9\end{bmatrix}$

after applying row operations r2 -> r2/2 and r3 -> r3/3, we get,

$\begin{bmatrix}1 & 0 & 0& |5 \\ 0& 1& 0& |4\\0& 0& 1& |3\end{bmatrix}$

What is the next step in solving this augmented matrix using gauss-jordan elimination method

Answer from: Quest

Idon’t know how to do that

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the Balance is 24000 monthly payment is 414.96 and rate of interest is 7.5%. what is the interest pa...