Question

Darci Kighorn gets a 7.5% $9,300 car loan on July 14 with monthly payments of $224.86. Payments are due on the 14th of each month, starting August 14. The lender receives her first payment on August 15 and her second payment on September 12. What is the balance after the second payment?

Answer 1

Given Interest Rate is 7.5% pa
Loan amount =	$                   9,300
Amortization schedule for three months	a	b		c	d	e
Date	Opening Loan amount	Monthly Installment	No of Days	Interst paid=a*7.5%*No of Days/365	Principal paid=b-c	Clsoing Balance Loan Principal=a-d
15-Aug	$                   9,300	$           224.86	32.00	$                       61.2	$          163.71	$       9,136.291
12-Sep	$                   9,136	$           224.86	28.00	$                       52.6	$          172.30	$       8,963.996
So Balance after second payment =$8,963.99