Question

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 the interest. (Round to the nearest cent.)

Answer #1

P = | Regular Payments | |||

PV = | Loan Amount | |||

r = | rate of interest | |||

n = | no of periods | |||

P = | r (PV) | |||

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

P = | (6%/12)*28000 | |||

1 - (1 / (1 + 6%/12)^60)) | ||||

P = | 140 | |||

0.258627804 | ||||

P = | 541.32 | |||

Beginning Balance | Interest | Principal | Ending Balance | |

1 | 28000.00 | 140.00 | 401.32 | 27458.68 |

(28000 * 6% * 1/12) | (541.32 - 140) | (28000 - 401.32) | ||

Principal in First Payment | 401.32 | |||

Interest in First Payment | 140.00 |

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