Question

You have just taken out a car loan for $22,000 with a 5% APR, compounded monthly. The loan is for 5 years. When you make you first payment in one month, how much of the payment will go toward the principal of the loan and how much will go towards the interest? (Note: be careful not to round any intermediate steps less than six decimal places.)

When you make you first payment, $X will go towards the principal of the loan and $X will go towards the interest. (Round to the nearest cent)

Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

You have just taken out a
$22,000
car loan with a
5%
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.)
When you make your first payment,
$___
will go toward the principal of the loan and...

You have just taken out a $28,000 car loan with a 6%APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$__will go toward the
principal of the loan and$___ will go toward...

You have just taken out a $28,000 car loan with a 6 %APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$__ will go toward the
principal of the loan and $__will...

You have just taken out a $30,000 car loan with a 7% 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.) When you make your first payment,
$ nothing will go toward the principal of the loan...

You have just taken out a $24,000 car loan with a 4% 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.)
a. When you make your first payment, $ ______ will go toward
the principal of the...

You have just taken out a $17,000 car loan with a 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.)

You have just taken out a $ 15,000 car loan with a 4 %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?
When you make your first payment,......will go toward the
principal of the loan and ..... will go toward the
interest. (Round to the nearest cent.)

You have just taken out a $ 30000 car loan with a 5 % 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.)
I have tried it different ways but can't seem to figure it out,
I...

You have just taken out a $24,000 car loan with a 7% 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?

You have taken out a $22.000 car loan with a 7% 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 towards the
principal of the loan and how much will go towards the
interest?

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