Answer:
Monthly interest rate is r=0,004375
Monthly principal c=590,625
Step-by-step explanation:
Monthly interest payment rate :
[tex]r=\frac{5.25}{12}:100=0,0004375[/tex]
Now, we need to find monthly principal payment : [tex]c=\frac{rP}{1-(1+r)^{-N}}[/tex]
Use this rule : [tex]N=30*12=360[/tex]
P=108000
r=0,004375
[tex]c=\frac{0.004375*108000}{1-(1+0.004375)^{-360}} =\frac{472.5}{0.8}=590,625[/tex]
