(1)You have just taken out a $20 000 car loan with a 4% APR, compounded monthly....

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(1)You have just taken out a $20 000 car loan with a 4% APR,compounded monthly. The loan is for five years. When you make yourfirst payment in one month, how much of the payment will go towardthe principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps to fewer thansix decimal places.)
2)You have just sold your house for $ 1 100 000 in cash. Yourmortgage was originally a 30-year mortgage with monthly paymentsand an initial balance of $750 000.
The mortgage is currently exactly18.50years old, and you havejust made a payment. If the interest rate on the mortgageis6.25%
(APR), how much cash will you have from the sale once you payoff the mortgage? (Note: Be careful not to round any intermediatesteps to

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1 Monthly Payment Using PMT function in MS excel PMTratenperpvfvtype rate 412 3333 nper 125 60 pv 20000 fv 0 type 0 PMT03333602000000 36833 Amount of interest on first monthly payment See Answer

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(1)You have just taken out a $20 000 car loan with a 4% APR,compounded monthly. The loan is for five years. When you make yourfirst payment in one month, how much of the payment will go towardthe principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps to fewer thansix decimal places.)2)You have just sold your house for $ 1 100 000 in cash. Yourmortgage was originally a 30-year mortgage with monthly paymentsand an initial balance of $750 000.The mortgage is currently exactly18.50years old, and you havejust made a payment. If the interest rate on the mortgageis6.25%(APR), how much cash will you have from the sale once you payoff the mortgage? (Note: Be careful not to round any intermediatesteps to