Question

You have just purchased a car and taken out a $ 50000 loan. The loan has a​ five-year term with monthly payments and an APR of 6.3%. a. How much will you pay in​ interest, and how much will you pay in​ principal, during the first​ month, second​ month, and first​ year? (Hint: Compute the loan balance after one​ month, two​ months, and one​ year.) b. How much will you pay in​ interest, and how much will you pay in​ principal, during the fourth year​ (i.e., between three and four years from​ now)? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)

Answer 1

Hey, I've calculated loan amounts in excel and I've uploaded those here. In case of any question, revert me.

thank you.

cheers!!