In: Finance
Personal Finance
For a $27,000 student loan with a 6% APR, how much of the payment will go toward the principal and how much will go toward paying interest for each of the first six payments? Assume this is a 10-year loan with monthly payments. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Payment Number Interest Paid Principal Paid
Payment number | Interest Paid | Principal Paid |
1 | 135.00 | 164.76 |
2 | 134.18 | 166.58 |
3 | 133.34 | 168.42 |
4 | 132.50 | 170.26 |
5 | 131.65 | 172.11 |
6 | 130.79 | 173.97 |
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