27. To go on an African safari, Don Stone obtained an $8,500 Installment loan at 14% for 42 months. The loan's balance after 26 payments is $3,733.55. What is the interest for
payment 272
28. Daniela Nanz obtained a $2,500 loan at 12.5% to buy porch furniture. The monthly
payment is $118.23. What is the amount of the (a) interest for the first payment,
(b) payment to principal, and (0) new principal?
29. Demarrio Kibbe obtained a loan for a new deck. The loan is for $4,500 at 10%. The
monthly payment is $270.45. What is the amount of the (a) interest for the first payment,
(b) payment to principal, and (c) new principal?
30. Emma Jarmel obtained a $6,000 loan at 10% for home improvements. The monthly pay-
ment is $276.60. What is the amount of the (a) interest for the first payment, (b) payment
to principal, and (c) new principal?
8.5
Paying Off Installment Loans (pp. 319-321)
Compute the final payment when paying off an installment loan.
seg for the fourth