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1. You have just taken out a $ 15 000 car loan with a 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 to fewer than six decimal? places.)
2. You have just sold your house for $900 000 in cash. Your mortgage was originally a? 30-year mortgage with monthly payments and an initial balance of $ 700 000 The mortgage is currently exactly 18.50years? old, and you have just made a payment. If the interest rate on the mortgage is 5.25 % ?(APR), how much cash will you have from the sale once you pay off the? mortgage? ?(Note: Be careful not to round any intermediate steps to fewer than six decimal? places.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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