Find the amount applied to principle for the third month of a 4-year loan of $12,200 which charges 4.5 percent compounded monthly with monthly payments. The amount applied to principle for the third month is $.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
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Find the amount applied to principle for the third month
of a 4-year loan of $12,200 which charges 4.5 percent
compounded monthly with monthly payments.
The amount applied to principle for the third month is
Transcribed Image Text:Find the amount applied to principle for the third month of a 4-year loan of $12,200 which charges 4.5 percent compounded monthly with monthly payments. The amount applied to principle for the third month is
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