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
- Need helpYou 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.You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%. a) When you first get the loan, how much is your payment? $ 390.24 Correct b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $ c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments for 5 years. The bank quoted an APR of 12%. How much is your monthly payment (in $ dollars)? $_______
- Solve this questionYou need to borrow $80,000 to purchase a car. You qualify for a 7-year car loan that requires you to make constantly monthly payments with the first payment one month from today. If the quoted interest rate with monthly compounding is 2.28%, what is the monthly payment that must be made?Provide solution.