Question

You have taken a 5 year car loan of $30,000 at 3% APR with monthly compounding. What is the amount of principal & interest payment in your first month payment?

A. Principal: $464.06; Interest: $75

B. Principal: $539.06; Interest $1.35

C. Principal: $539.60; Interest: $0

D. Principal: $500.00; Interest: $39.06

E. Principal: $470.89; Interest: $75

Answer #1

Ans A. Principal: $464.06; Interest: $75

P = | Regular Payments | |||

PV = | Loan Amount | |||

r = | rate of interest | |||

n = | no of periods | |||

P = | r (PV) | |||

1 - (1 + r )^-n | ||||

P = | (3%/12)*30000 | |||

1 - (1 / (1 + 3%/12)^60)) | ||||

P = | 75 | |||

0.139130894 | ||||

P = | 539.06 | |||

Beginning Balance | Interest | Principal | Ending Balance | |

1 | 30000 | 75 | 464.06 | 29460.94 |

(30000 * 3%/12) | (539.06 - 75) | (30000 - 464.06) | ||

Principal in First Payment | 464.06 | |||

Interest in First Payment | 75.00 |

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