Question

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 and ​$ nothing will go toward the interest.  ​(Round to the nearest​ cent.)

Answer 1

answered by: anonymous