The loan has five-year term with monthly payments

Assignment Help Financial Management

Reference no: EM131986122

You have just purchased a car and taken out a $46000 loan. The loan has a? five-year term with monthly payments and an APR of 6.5 %

a. How much will you pay in? interest, and how much will you pay in? principal, during the first? month, second? month, and first? year? (Hint: Compute the loan balance after one? month, two? months, and one? year.)

b. How much will you pay in? interest, and how much will you pay in? principal, during the fourth year? (i.e., between three and four years from? now)?

?(Note: Be careful not to round any intermediate steps less than six decimal? places.)

During the first? month, you will pay__________in principal. ?(Round to the nearest? cent.)

During the first? month, you will pay ______________ in interest. ?(Round to the nearest? cent.)

During the second? month, you will pay_____________in principal. ?(Round to the nearest? cent.)

During the second? month, you will pay_________in interest. ?(Round to the nearest? cent.)

During the first? year, you will pay___________in principal. ?(Round to the nearest? cent.)

During the first? year, you will pay__________in interest. ?(Round to the nearest? cent.)

b. How much will you pay in? interest, and how much will you pay in? principal, during the fourth year? (i.e., between three and four years from? now)?

During the fourth year you will pay__________in principal. ?(Round to the nearest? cent.)

During the fourth? year, you will pay_____________in interest. ?(Round to the nearest? cent.)

Reference no: EM131986122

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