You have just taken out a $20,000 with a 6% APR, car loan 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?
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- Give correct answerNeed help pleaseYou have just taken out a $15,000 car loan with a 7% APR, compounded monthly. The loan is for 5 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? The amount of your first payment that will go toward the interest of the loan is The amount of your first payment that will go toward the principal of the loan is
- You have just taken out a $23,000 car loan with a 7% 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?Need helpYou have just taken out a $16,000 car loan with a 8% 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.)
- You have just taken out a $24,000car loan with a 4%APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment,$.... will go toward the principal of the loan and $......will go toward the interest. (Round to the nearest cent.)You have just taken out a $24,000 car loan with a 7% 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.) will go When you make your first payment, $ will go toward the principal of the loan and $ toward the interest. (Round to the nearest cent.)You have just taken out a $23,000 car loan with a 7% 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.)
- You would like to buy a new car and will need to borrow $25,000 to do so. Your loan will be repaid monthly over 6 years at a 5% annual interest rate. Calculate your monthly payment. N (period of time) I (Interest) PV (Present Value) FV (Future Value) PMT (Annuity) Prepare the loan amortization schedule. Period Monthly Payment Interest Expense Principal Payment Principal BalanceSuppose that you take out an unsubsidized Stafford loan on September 1 before your junior year for $45004500 and plan to begin paying it back on December 1 after graduation and grace period 27 months later. The interest rate is 6.8%. How much of what you will owe will be interest?$Round your answer to the nearest cent.A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for monthly repayment of I year.