Maggie Jay owns her own car. Her June monthly interest was $250. The rate is 13 1/2 percent. Jay's principal balance at the beginning of June is: (Use 360 days)

the principal balance at the beginning of June is $22,222.22

Step-by-step explanation:

The computation of the principal balance at the beginning of June is shown below:

Principal balance = Interest paid ÷ (Interest Rate ÷ 12 Months)

= $250 ÷ (13.5% ÷ 12)

= $22,222.22

Hence, the principal balance at the beginning of June is $22,222.22

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step-by-step explanation:

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