If you take out a $8,000 loan for a period of 6 months at an 8% interest rate, what will your outstanding balance be after two monthly payments? Round your answer to the nearest cent as necessary and do not include the dollar sign.

Outstanding balance after two months payments = 7893.33

Step-by-step explanation:

Interest accrued every month = I = PRT/100

P = 8000

R = 8%

T = 6

I = (8000 x 8 x 6) : 100 = 3840

Amount paid every month = (8000 + 3840) : 6 = 1973.33

Hence amount paid after two months = 2 x 1973.33 = 3946.67

Outstanding balance after two months payments = 8000 + 3840 - 3946.67 = 7893.33