Question
Kate has a car loan of $32,000 at a 5% interest rate, fixed for a 5-year term. The fixed monthly payment is calculated which is
Kate has a car loan of $32,000 at a 5% interest rate, fixed for a 5-year term. The fixed monthly payment is calculated which is $603.88.
Given the following formula, what information can Kate get for her car loan?
32000-[603.88 (32000*5%)/12]
Group of answer choices
Monthly interest
The remaining loan balance at the beginning of 2nd month
Monthly loan payment
Monthly principal
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B099TLJRT2, 979-8541466690
