2. Rita Rodriguez obtained a 24-month, $8,500 loan at 8 percent from Tri-County
Savings & Loan. Her monthly payment is $384.20. For the first payment:
a. What is the interest?
b. What is the payment to principal?
c. What is the new balance?

a. What is the interest?  $ 56.67

b. What is the payment to principal?  $ 327.53

c. What is the new balance? $ 8,172.47

Step-by-step explanation:

1. Let's review the information given to us to answer the question correctly:

Time of the loan = 24 months

Amount of the loan = $ 8,500

Interest rate = 8% = 0.08 annually

Monthly payment = $ 384.20

2. For the first payment:

a. What is the interest?

Interest amount = Amount of the loan * Interest rate/Number of payments per year

Replacing with the values we know:

Interest amount =8,500 *0.08/12

Interest amount = 8,500 * 0.0066

Interest amount = $ 56.67

b. What is the payment to principal?

Payment to principal = Monthly payment - Interest amount

Replacing with the values we know:

Payment to principal = 384.20 - 56.67

Payment to principal = $ 327.53

c. What is the new balance?

New balance = Beginning balance - Payment to principal

Replacing with the values we know:

New balance = 8,500 - 327.53

New balance = $ 8,172.47

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step-by-step explanation: