## Answers

Month 1:

interest due = 725(.015) = 10.875

balance owing =735.875

payment made = 73.58

reduction in balance = 73.58 - 10.875 =62.71

balance at end of month 1 = 662.29

month 2

interest due = 662.29(.015) = 9.93

balance owing = 672.22

payment made = 67.22

reduction in balance = 67.22-9.93 = 57.29

balance at end of month 2 = 614.93

month 3

(repeat above steps)

add up the interest for the three months.

check my arithmetic.

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