Wesson Metals has an outstanding loan that calls for equal annual payments of $9,768.46 over the life of the loan. The original loan amount was $50,000 at an APR of 8.5 percent. How much of the second loan payment is interest

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18-07-2022
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Wesson Metals has an outstanding loan that calls for equal annual payments of $9,768.46 over the life of the loan. The original loan amount was $50,000 at an APR of 8.5 percent. How much of the second loan payment is interest

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-08-01T19:57:21+02:00

If Wesson Metals has an outstanding loan that calls for equal annual payments of $9,768.46 over the life of the loan. The original loan amount was $50,000 at an APR of 8.5 percent. The amount of the second loan payment interest is:$3,780.93.

Second loan payment interest

Year 1

Interest paid = 50000 × 0.085 = $4,250

Principal amount paid =$9,768.46 - $4,250 = $5,518.46

Principal remaining = $50,000 - $5,518.46= $44,481.54

Year 2

Interest paid =Principal remaining × Interest rate

Interest paid = $44,481.54× 0.085 = $3,780.93

Therefore If the original loan amount was $50,000 at an APR of 8.5 percent. The amount of the second loan payment interest is:$3,780.93.

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