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im confused on this question You have taken out a 60 -month, $18,000 car loan with an APR of 6%, compounded monthly. The monthly payment
im confused on this question
You have taken out a 60 -month, $18,000 car loan with an APR of 6%, compounded monthly. The monthly payment on the loan is $347.99. Assume that right after you make your 50 th payment, the balance of the loan is $3,386.09. 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.) Step by Step Solution
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