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1. You have just taken our a $26,000 car loan with a 4% APR, compounded monthly. The loan is for five years. When you make
1. You have just taken our a $26,000 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? When you make your first payment $___________ will go toward the principal of the loan and $ _________ will go toward the interest.\
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