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You have just taken out a $15,000 car loan with a 6% APR, compounded monthly. The...

You have just taken out a $15,000 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.)

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Expert Solution

I HAVE CALCULATED PMT USING EXCEL AND FORMULA. BOTH METHODS


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