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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I HAVE CALCULATED PMT USING EXCEL AND FORMULA. BOTH METHODS

jeff jeffy answered 7 months ago

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You have just taken out a $20,000 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?

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