Principal of the loan and how much will go toward interest

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Reference no: EM131841914

You have just taken out a $30,000 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 $___ nothing will go toward the principal of the loan and $_____ nothing will go toward the interest. (Round to the nearest cent.)

Reference no: EM131841914

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