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Monthly payment goes towards the principle

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1. A 5-year car loan of $15000 has an 8% APR that compounds monthly. This loan is paid back with equal monthly payments over the 5 years (60 months) of the loan. For the first monthly payment, how much of the monthly payment goes towards the principle?

2. If $2000 is put into a bank account that earns a 8% APR compounded daily (365 days per year), how much is in the account after 3 years?

3. What is the annual effective interest rate of a 9% APR compounded daily (365 days per year)? (Enter as a percentage with out the %. For instance, 8.333% would be entered as 8.333).

Reference no: EM133252222

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