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Business, 10.03.2020 22:32 Fireburntbudder

You have taken out a 60-month, $21 comma 000 car loan with an APR of 4%, compounded monthly. The monthly payment on the loan is $386.75. Assume that right after you make your 50th payment, the balance of the loan is $3 comma 797.53. 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.

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You have taken out a 60-month, $21 comma 000 car loan with an APR of 4%, compounded monthly. The mon...
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