Respuesta :
162,378.06 is the original principal which is still unpaid after he has made the 8th payment.
What is Compound Interest?
- Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
- It occurs when interest is reinvested or added to the loaned capital rather than paid out, or when the borrower is required to per annum it, so that interest is generated the next period on the principal amount plus any accumulated interest.
- In finance and economics, compound interest is common.
- In contrast to simple interest, which does not compound since past interest is not added to the principal for the current period, compound interest allows interest to build over time.
- The interest per period multiplied by the number of periods in a year yields the simple annual interest rate.
- The nominal interest rate is another term for the basic annual interest rate (not to be confused with the interest rate not adjusted for inflation, which goes by the same name).
To learn more about Compound Interest, refer to:
https://brainly.com/question/14295570
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