If you take out a $15,000 loan for a period of 36 months at a 5.4% annual interest rate, how much of your first monthly payment will go toward the *balance*? Round your answer to the nearest cent as necessary and do not include the dollar sign.

The amount that will go towards the balance is 385.71.

Step-by-step explanation:

The information provided is:

P = Principal of loan = $15,000

r = interest rate = 5.4% p.a. =

n = number of periods = 36

The amount of the monthly payment that will go towards the balance is:

Amount towards the balance = EMI - Interest  

First compute the Equated monthly installments (EMI) as follows:

Now compute the interest as follows:

The amount that will go towards the balance is,

Amount towards the balance = EMI - Interest  

                                                 = 453.21 - 67.5

                                                 = 385.71

Thus, the amount that will go towards the balance is 385.71.

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