Suppose you borrow 1000 at a 12 annual interest rate

Last updated: 6/29/2023

Suppose you borrow 1000 at a 12 annual interest rate compounded monthly 1 each month At the end of each month you make a 100 payment Use this information to complete the table below Round to the nearest cent as needed Month 0 1 2 3 4 51 S Prior Balance 1000 910 819 10 1 Interest on Prior Balance 10 9 10 8 19 Monthly Payment 100 100 100 Ending Balance 1000 910 819 10 727 29