Answer:
Explanation:
this problem can be solved thinking as a different payment the 75.47 bucause it is used for paying money which does not affect the money owed for loan, so:
Calculating the monthly rate:
[tex]i=(1+0.115)^{\frac{1}{12} }-1[/tex]
[tex]i=0.9\%[/tex]
First Month:
Interest=70,000*0.9%
Interest=637,87
Remaining balance=70,000 -(711,53-637.87)
Remaining balance=69,926
Second Month:
Interest=69,926*0.9%
Interest=629,33
