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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