Question

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

$____

will go toward the interest.

Answer #1

P = | Regular Payments | |||

PV = | Loan Amount | |||

r = | rate of interest | |||

n = | no of periods | |||

P = | r (PV) | |||

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

P = | (5%/12)*22000 | |||

1 - (1 / (1 + 5%/12)^60)) | ||||

P = | 91.66666667 | |||

0.22079461 | ||||

P = | 415.17 | |||

Beginning Balance | Interest | Principal | Ending Balance | |

1 | 22000 | 91.67 | 323.50 | 21676.50 |

(22000 * 5% / 12) | (415.17 - 91.67) | (22000 - 323.5) | ||

In first Payment principal of the loan = | 323.50 | |||

In first Payment Interest= | 91.67 | |||

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