Installment Loan
Principal
$1500.00
Term Length
4 years
How much of the first
payment for the
installment loan
6% shown in the table will
go towards interest?
Interest Rate
Monthly Payment
$35.00
A. $27.50
B. $7.50
C. $2.10
D. $32.90

The amount of the first payment that will go towards interest is $7.50.

The answer is B. $7.50.

To calculate the amount of the first payment that will go towards interest for an installment loan, we need to consider the principal, term length, and interest rate.

Given:

Principal: $1500.00

Term Length: 4 years

Interest Rate: 6%

Monthly Payment: $35.00

To find the amount of interest paid in the first payment, we'll first calculate the total interest paid over the entire term and then divide it by the number of payments.

Calculate the total interest paid over the term.

Total Interest = Principal × Interest Rate × Term Length

Total Interest = $1500.00 × 6% × 4 = $360.00

Divide the total interest by the number of payments.

Interest in the First Payment = Total Interest / Number of Payments

Interest in the First Payment = $360.00 / (4 years × 12 months per year)

Interest in the First Payment = $360.00 / 48

Interest in the First Payment = $7.50

Therefore, the amount of the first payment that will go towards interest is $7.50.

The answer is B. $7.50.

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