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You have taken out a 60-month, $22,000 car loan with an APR of 8%, compounded...

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Question

Finance

You have taken out a

60-month,

$22,000

car loan with an APR of

8%,

compounded monthly. The monthly payment on the loan is

$446.08.

Assume that right after you make your

50th

payment, the balance of the loan is

$4,301.51.

How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment.(Note: Be careful not to round any intermediate steps less than six decimal places.)

The amount that goes towards interest is$

(Round to the nearest cent.)

Answer & Explanation Solved by verified expert
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