How to calculate interest and principal parts of loan installment payment?
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The loan installment consists of % interest. If the installment is $ ...
How much is the interest part, and how much is the principal part?
Type of calculation: Calculating the percentage value of a given number (interest part), then subtracting (principal part).
Calculator usage:
Step 1 (Interest part): Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the interest percentage as X (70) and the installment amount as Y ($1500). The calculator will calculate 70% of $1500.
Step 2 (Principal part): Subtract the interest part calculated in Step 1 from the total installment amount.
Explanation using a formula:
We are looking for the interest part (70% of $1500) and the principal part.
Interest part = (70 / 100) * $1500 = 0.7 * $1500 = $1050
Principal part = $1500 - $1050 = $450
Calculator usage:
Step 1 (Interest part): Use the Basic Percentage CALCULATOR ("What is X% of Y?"). Enter the interest percentage as X (70) and the installment amount as Y ($1500). The calculator will calculate 70% of $1500.
Step 2 (Principal part): Subtract the interest part calculated in Step 1 from the total installment amount.
Explanation using a formula:
We are looking for the interest part (70% of $1500) and the principal part.
Interest part = (70 / 100) * $1500 = 0.7 * $1500 = $1050
Principal part = $1500 - $1050 = $450
Answer: The interest part is $ and the principal part is $ .