Question 29
『 3 pts
5
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"Work is required for this problem. Clearly show the set up for your calculations on your paper.

Calculate the interest due for the monthly installment payment on a loan given the remaining principal and interest rate.

Remaining principal $= $ 21, 367.59$ , interest rate $= 13.7 %$
Interest due $= $$
(Give your answer rounded to the nearest hundredth)
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Final Answer: $243.95$

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Step 1 ：Given the remaining principal of the loan is $21367.59 and the interest rate is 13.7%.

Step 2 ：First, convert the interest rate from percentage to decimal by dividing it by 100. So, $13.7 % = \frac{13.7}{100} = 0.137$ .

Step 3 ：Next, calculate the interest due for the monthly installment payment on the loan by multiplying the remaining principal by the interest rate divided by 12. So, the interest due is $21367.59 \times \frac{0.137}{12} = 243.94665249999997$ .

Step 4 ：Finally, round the result to the nearest hundredth to get the final answer. So, the interest due is approximately $243.95.

Step 5 ：Final Answer: $243.95$

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