Time Value Of Money Financial Math Worksheet With Answer Key Page 3
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1
2
3interest will he pay?
$104.80 ($25.20 x 24 = $604.80, less the $500 original balance =
$104.80)
8.
Same facts as #7, except now the balance is $2,500. What will Gayle’s monthly
payments be?
$126.02
How much interest will he pay?
$524.48
($126.02 x 24 = $3,024.48, less the original balance of $2,500 = $524.48)
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