Math Question

Question

1). Given the following assumptions (principal = $300, APR compounded monthly = 6.25%, monthly payment = $45), calculate the percentage of your final balance after 36 months that is interest money only.
a)11.63% b)10.54% c)10.94% d)10.22% e)11.29%
 
2).Given the following assumptions (principal = $650, APR compounded monthly = 4.25%, monthly payment = $40), suppose you invested for 30 years rather than just three, calculate your final balance to the nearest dollar.
a)$32,665 b)$34,165 c)$30,342 d)$31,354 e)$28,678
 
3).Given the following assumptions (principal = $650, APR compounded monthly = 4.75%, monthly payment = $70), calculate the percentage of a 30-year balance that is interest money only.
a)58.4% b)53.9% c)61.2% d)55.7% e)50.4%

Answer 1

1) a) 11.63%

2) b) $34,165

3) a) 58.4%