Consider the following monthly amortization schedule: Payment # Payment Interest Debt Payment Balance 1 1,167.34 540.54 626.80 259,873.20 2 1,167.34 539.24 628.10 259,245.10 3 1,167.34 x y z With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan. Give your answer to the nearest hundredth percent. Do not include the % sign in your response.

$629

Explanation:

The loan principal can be calculated from row one, and is

$259,873.20 + $626.80 = $260,500.

Also from row one we know that

$260,500 × = $540.54,

which gives r = 0.0249 = 2.49%. We can calculate x as

$259,245.10 × = $537.93,

and therefore y, the amount that's deducted from the balance in month 3 is

y = $1,167.34 − $537.93 = $629.41

which is $629 to the nearest dollar.

what

explanation:

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough