Amount is 15,867.00

Question

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?

Answer 1

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

Answer 2

Give me step by step

Answer 3

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.

Answer 4

Can u do step by step without words

Answer 5

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