Question

You have just taken out a $ 29 comma 000$29,000 car loan with a 8 %8%...

You have just taken out a

$ 29 comma 000$29,000

car loan with a

8 %8%

​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest?  ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)

Homework Answers

Answer #1
P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )^-n
P = (8%/12)*29000
1 - (1 / (1 + 8%/12)^60)) 84
P = 193.3333333
0.328789556
P = 588.02
Beginning Balance Interest Principal Ending Balance
1 29000 193.33 394.68 28605.32
Principal in First Payment 394.68
Interest in First Payment 193.33
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