What is the formula to calculate the monthly interest payment on a loan?*Principal × Annual Interest Rate / Number of YearsPrincipal × Annual Interest Rate × 12Principal × Annual Interest Rate / 12Principal × Annual Interest Rate

How do you calculate the total amount paid on a loan?*Principal + (Principal × Rate × Time)Principal + (Monthly Payment × Number of Payments)Principal + APRPrincipal + Total Interest Paid

What is the principal balance on a loan?*The total amount including interestThe amount borrowed before interestThe total interest paidThe amount paid each month

Calculate the total amount Will will pay in interest over the five year termof the loan.

The simple interest formula is I=Prt.  The P represents the principal.  The principal is ___________________.  *1 pointthe percent interest for his yearthe amount of money borrowed or depositedthe amount taxedthe amount of interest

How do you find the remaining balance on an amortizing loan after a certain number of payments?*Divide the remaining payments by the interest rateSubtract the payments made from the original principalUse an amortization schedule or formula to calculate the remaining principalSubtract the interest paid from the total loan amount