How much payment will go toward the principal of the loan

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Reference no: EM131848260

You have just taken out a $29,000 car loan with a 6% ?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, $____ will go toward the principal of the loan and $?_____ will go toward the interest. (Round to the nearest? cent.)

Reference no: EM131848260

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