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You have just taken out a car loan for $22,000 with a 5% APR, compounded monthly....

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)

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

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