How much of the payment will go toward the principal

Assignment Help Financial Management

Reference no: EM132021905

You have just taken out a $23, 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?

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.)

Reference no: EM132021905

Questions Cloud

What is the difference between a population and a sample : What sampling approach would result in a more valid and reliable sample taken from the larger population?

What interest rate is the bank required by law to report : The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?

How much of the variance can be eliminated by cross hedging : If Southern Plains chooses the better hedge, how much of the variance can be eliminated by cross hedging? How many contracts should it trade?

Give an example of misuse statistics : Give an example of misuse statistics and the reason why you believe it is misused off statistics.

How much of the payment will go toward the principal : How much of the payment will go toward the principal of the loan and how much will go toward interest?

What is the mean amount spent on gasoline : What is the mean amount spent on gasoline? What is the standard deviation of the amount spent?

What is your portfolio dollar return and percentage return : The table below shows your stock positions at the beginning of the year, the dividends that each stock paid during the year, and the stock prices.

Comment on the dangers of using exit polling : Comment on the dangers of using exit polling to call elections. Choose the correct answer below.

Calculate the exponential three-month moving average : Calculate the exponential three-month moving average for both stocks where two-thirds of the average weight is placed on the most recent price.

User Account

All Pages