margie pagano is buying a car. her june payment monthly interest at 13.2% was $208. what was margie principal balance at the beginning of june
To find Margie's principal balance at the beginning of June, we need to use the formula for calculating the interest on a loan:
Interest = Principal Balance * Interest Rate
In this case, Margie's monthly interest is $208, and the interest rate is 13.2%.
Let's proceed with the calculation:
Principal Balance = Interest / Interest Rate
Principal Balance = $208 / 0.132
Principal Balance = $1,575.76
Therefore, Margie's principal balance at the beginning of June was $1,575.76.