A $10,000 loan is to be repaid at the rate of $200 per month, with an annual effective interest rate of 19.56% charged against the unpaid balance. What principal remains to be paid after the third payment

The appropriate response will be "9847.74".

Explanation:

The given values are:

Effective interest rate

= 19.56%

Loan amount

= $10,000

Per month rate

= $200

Now,

⇒  

On substituting the values, we get

⇒  

⇒  

⇒  

Principal to be paid after the third payment will be:

=

=

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