Amount is 15,867.00
Sales tax is 5.25%
Down payment is 10%
Credit rate is 5.65%
What is the principal balance at the start of the loan?
To find the principal balance at the start of the loan, we need to subtract the down payment from the amount.
Down payment = 10% * Amount = 10% * 15,867 = $1,586.70
Principal balance at the start of the loan = Amount - Down payment = 15,867 - 1,586.70 = $14,280.30
Give me step by step
Sure! Here are the step-by-step calculations:
1. Multiply the amount by the down payment percentage:
Down Payment = 10% * Amount
Down Payment = 10% * 15,867
Down Payment = $1,586.70
2. Subtract the down payment from the amount to find the principal balance at the start of the loan:
Principal Balance at the Start of the Loan = Amount - Down Payment
Principal Balance at the Start of the Loan = 15,867 - 1,586.70
Principal Balance at the Start of the Loan = $14,280.30
Therefore, the principal balance at the start of the loan is $14,280.30.
Can u do step by step without words
1. Down Payment = 10% * Amount
Down Payment = 10% * 15,867
Down Payment = $1,586.70
2. Principal Balance at the Start of the Loan = Amount - Down Payment
Principal Balance at the Start of the Loan = 15,867 - 1,586.70
Principal Balance at the Start of the Loan = $14,280.30