You have taken out a 60-month, $26,000 car loan with an APR of 8%, compounded monthly. The monthly payment on the loan is $527.19. Assume that right after you make your 50th payment, the balance of the loan is $5,083.64. How much of your next payment goes. toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment. (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount that goes towards interest is $. (Round to the nearest cent.) C

Someone buys a car for 12,000$ and puts 25% down. They then get a simple interest amortized loan for the rest of the amount at 7% for 4 years. Their month payment is 215.52, and total interest in 1344.96. What are the loan fees for this if the lender states that APR of the loan is 7.2%?

Assume  you have secured a loan of $10,000 from a bank  which will be paid in one year. The bank has offered you $850 monthly installments, which equates to a 3.67% annualized interest rate. The monthly interest rate of 0.31% is the annual rate divided by 12. You know that the interest is paid at the end of the period, so you can multiply the opening balance by the monthly interest rate to get the interest paid. What is the interest rate to be paid for the month of October? Month Payment Interest Principal Opening Balance Closing Balance January $850.00     $10,000.00     February $850.00           March $850.00           April $850.00           May $850.00           June $850.00           July $850.00           August $850.00           September $850.00           October $850.00           November $850.00           December $850.00           Monthly Rate 0.31%           Annual Rate 3.67%           Total Interest Paid             CHOICES: A.10.32B.…

The terms of a loan call for monthly payments for 6 years at 9.6 percent interest. If you borrow $18,800 to purchase a new car, what is the amount of each payment?