In: Finance
Using IOS Debt Break and/or Android’s similar application or
Excel find out the following:
Total Interest $
Total Payment $
Date when the loan is fully paid,
month/year
Number of months needed to have the
loan fully paid, count
Use the following data:
Name of the debt: ROMI
Starting balance: $5000
Remaining balance: $5000
Interest Rate: 5%
Montlhy payment: $200
First Payment: Apr. 20, 2020
Total Interest $ 267.9267
Total Payment $ 5267.9267
Date when the loan is fully paid, month/year - June 2022
Number of months needed to have the loan fully paid, count - 27