Determining the principal of the loan

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You have just taken out a $ 29 comma 000$29,000 car loan with a 4 %4% ?APR, compounded monthly. The loan is for five years. When you make your first payment in one? month, how much of the payment will go toward the principal of the loan and how much will go toward? interest? ?(Note: Be careful not to round any intermediate steps less than six decimal? places.) When you make your first? payment, ?$nothing will go toward the principal of the loan and ?$nothing will go toward the interest. ?(Round to the nearest? cent.)

Reference no: EM132473545

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